If there is anything that is constant in life, it is change. Nothing stays the same. However, one unique quality the Creator deposited in every one of his creatures is the ability to adapt to changes.

It is pretty funny to imagine today that as at May 2000, about twenty years ago, there were less than 50,000 people who actually had mobile phones in Nigeria. Today, virtually every adult in Nigeria owns at least one mobile phone, be it a smartphone or a feature phone. The Nigeria Communications Commission (NCC) estimates that there are over 173 million mobile phone lines in Nigeria today. I have often wondered what would happen if for some reason, mobile telecommunication ceased. Would we be able to adapt to the new reality, especially considering that our lives now practically depend on it? I’ll answer that question in a bit. Allow me to digress a little.

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The 2019 Poverty and Inequality Report released by the National Bureau of Statistics (NBS) reveals that 40.1% of Nigerians are poor. In other words, on average 4 out of 10 individuals in Nigeria are estimated to have real per capita expenditures below 137,430 Naira per year.

According to the United Nations Population Fund (UNFPA) 2019 Population Statistics, Nigeria has a population of 201 million. This translates to over 80 million Nigerians who are considered
poor by national standards.

What You Need to know about Companies Income Tax (CIT) Incentive in Nigeria

Companies Income Tax (CIT) is tax on the profits of incorporated entities in Nigeria. It also includes the tax on profits of non-resident companies who accrue or derive profits from Nigeria or bring or receive their income in Nigeria. It is therefore commonly referred to as corporate tax. CIT was created by the Companies Income Tax Act (CITA or the Act), it is one of the taxes administered and collected by the Federal Inland Revenue Service (“FIRS” or “the Service”).

Here are the tax incentives on CIT in Nigeria including the relevant incentives in the 2019 Finance Act:

What you need to know about Personal Income Tax Incentives in Nigeria

Tax incentives are special arrangements in the tax laws to attract, retain, or increase investments in a sector. Incentives may be granted on an industry basis.

To buttress on the definition; Tax incentives are deductions, exclusions or exemptions from a tax liability offered as an enticement to engage in a specified activity that would benefit the economy of a country in the long run.

In this piece, we have highlighted the relevant tax incentives related to the Personal Income Tax (PIT) in Nigeria including the relevant incentives in the 2019 Finance Act.