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:

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