14 Jun 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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