The Nigerian Companies Income Tax Act

About the Law

This law makes provisions for the taxation of companies in Nigeria.

Some key provisions

  • Imposition of tax on profits of companies derived from trade, business, rent, premium, dividends, royalties etc
  • process for ascertaining the taxing of authorised unit trust schemes
  • Profits which are exempted including profits of co-operative societies, dividends distributed by unit trusts etc
  • Types of deductions which are allowed, and those which are not allowed
  • Process for computing assessable profits
  • Payment of minimum tax by loss-making companies or companies whose tax calculation show no tax payable

You can read the full provisions of the Act here – Companies Income Tax Act Cap.C21 LFN 2004

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