ALL THE TAXES YOUR BUSINESS MUST PAY

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    Iheonu Nkechi Gloria 3 years ago

    We are embarking on a series called "All the taxes your business must pay". here, we will be talking about all the taxes that are payable for Nigerians, and we would really like you to join the conversation.

    Companies Income Tax

    Every profit made from your business is going to be taxed; If your small business makes less than 25 million Naira yearly, you will not pay Companies Income tax.

    CIT is currently charged at the rate of 30% for companies having more than N100 Million Naira turnover. It is also charged at the rate of 20% for companies between N25 Million and N100 Million.

    Real estate investment companies approved by SEC in Nigeria will be exempted from income tax on rental income, and the dividend income earned in a financial year will be exempt from income tax provided that at least 75% of such income is distributed within 12 months.

    We would continue another time.

    Stay tuned.

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