Companies with less than N25m turnover will not pay income tax ― Finance Minister

Under the New Finance Bill, Micro and Small Enterprises (MSMEs) with a turnover of less than N25 million will be exempted from Compànies Income Tax (CIT) according to the Minister of Finance, Budget and National Planning, Zainab Ahmed.

Zainab Ahmed said this on a programme of the Nigerian Television Authority (NTA) on Monday.

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According to the Minister,  only companies earning over N25 million per annum would be.subjected to payment of tax. She said, “Our assessment is that any business that has a turnover of less than N25m needs that break, not being taxed so they can invest in their businesses.”

Author: abokimallamfx