The Finance Bill 2019, when signed into law, will ensure that small businesses with turnover less than $70,000 (N25m) will be exempted from Companies Income Tax. Currently, all companies are expected to pay the Federal Government 30 per cent of their profit as Companies Income Tax.
However, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said once the bill is signed into law, companies that make a turnover of less than N25m will no longer pay this tax while those that have a turnover of between N25m and N100m yearly will now pay 20 per cent as companies income tax…
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News Archive from before July 2018