Good news to Entrepreneurs and Businesses in Nigeria

Company Income Tax rate in Nigeria is *30%.* When the new Finance Bill is signed into law by President Buhari...

- All companies with annual turnover less than *N25 million* will be exempted from paying CIT (ie CIT Rate = *0%*)

- All companies with annual turnover between *N25 - 100m* will pay *20%* CIT

As at today, all companies are charged CIT at *30%* regardless of size.

When the Finance Bill is signed:

Turnover *<N25m: 0%* CIT

*N25–N100m: 20%* CIT

*>N100m: 30%* CIT

NB: CIT is charged only on corporate profits not turnover.

The Buhari - Osinbajo administration would continue its determined pursuit of reforming Nigeria’s business environment until the full attainment of the objectives.

Recall that in the 2017 World Bank Doing Business Ranking, Nigeria moved up 24 places and was also listed among the top ten reforming economies in the world.

In 2019, the World Bank also named Nigeria one of the *top-20* improvers in doing business out of 190 countries.