Nigerian Small Businesses are Exempt from Company Income Tax

Updated: Jun 27, 2020


Nigeria’s new Finance Bill will ensure the exemption of small businesses with an annual turnover of less than N25 million from Company Income Tax.


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Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, has disclosed that the new Finance Bill, when signed into law, would have only companies doing a turnover of over N100 million pay 30% Company Income Tax while companies with turnover of between N25 million and N100 million annually will pay 20%.


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