SMALL COMPANIES WITH AN ANNUAL TURNOVER OF LESS THAN N25MILLION NO LONGER NEED TO PAY COMPANY INCOME TAX.

, Magazine

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.

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%.