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Companies Income Tax Act (CITA)
ActNigeria Source: FIRS / Laws of Nigeria
TaxCorporate TaxFIRSBusiness Tax
Summary (Plain English)
Imposes income tax on companies operating in Nigeria. Standard rate: 30% for large companies (turnover > NGN 100 million). Medium companies (turnover NGN 25-100 million): 20%. Small companies (turnover < NGN 25 million): 0% (exempt). Companies must register with FIRS and obtain TIN. Filing deadline: 6 months after end of accounting year. Withholding tax applies to certain payments (5-10%). Education tax: additional 2% of assessable profit.
What This Means For You
- • 30% corporate tax rate for large companies
- • Small companies (< NGN 25M turnover) are exempt
- • 20% rate for medium companies
- • All companies must register with FIRS for TIN
- • Annual returns due within 6 months of year-end
Original Source
https://lawsofnigeria.placng.org/laws/C21.htmContent sourced from FIRS / Laws of Nigeria. Always refer to the official document for authoritative text.
Not legal advice. This summary is for informational purposes only. ONIM does not store or republish full legal texts. Always consult a qualified legal professional for advice specific to your situation.