The Federal Government says the 2019 Finance Bill when signed into law, will ensure that small businesses with turnover of less than 25 million naira will be exempted from Companies Income Tax.
Currently, all companies are expected to pay to the Federal Government 30 per cent of their profits as Companies Income Tax.
However, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said once the bill was signed into law, companies making a turnover of less than N25 million would no longer pay this tax while those that earned between N25 million and N100 million yearly would pay 20 per cent as Companies Income Tax.
She said those earning over N100 million would continue to pay the 30 per cent of their profits as CIT.
On when the bill will be signed into law, Ahmed said the National Assembly had already forwarded it to the President for assent and the President had sent a copy to the ministries, departments and agencies to cross-check the provisions.
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