Key Aspects of Company Income Tax (CIT) in Nigeria.

Introduction: Companies operating in Nigeria, earning legitimate income, fall under the purview of the Company Income Tax Act (CITA), Cap C21, LFN 2004 (as amended). While CITA mandates the payment of taxes on revenue from various sources, there are exemptions outlined in the Act. Taxable Income Sources: The following income sources are subject to CIT in Nigeria: Finance Act 2021 Amendments: The Finance Act 2021 introduced amendments, making profits earned by educational institutes chargeable under CIT, reversing their previous exemption. Entities Exempt from CIT: The following entities enjoy exemption from CIT: For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.