Company Income Tax

NGN 50,000.0

10 days

Tax Returns

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Description

Information about the compliance service

Company Income Tax, also known as Corporate Tax, is a tax levied on the profits made by companies operating in Nigeria. It is regulated by the Companies Income Tax Act (CITA) under the supervision of the Federal Inland Revenue Service (FIRS).
For Company Income Tax purposes, the taxable amount is the company's profits for the accounting year or period after deducting allowable expenses and applicable reliefs as stipulated under CITA.

This includes profits from
  • Trade or business
  • Rent on properties
  • Premiums, interest, etc. from investments
  • Dividends, interest, royalties, fees from Nigeria
  • Any income accruing in, derived from or brought into Nigeria.

Requirements

Info and documents needed for this service

Companies/businesses must submit the following key documents along with their tax returns
  1. Tax identification number (TIN) or RC number.
  2. Completed tax return forms (manual or electronic).
  3. Audited financial statements - including Statement of profit/loss, financial position and notes.
  4. Tax computation schedules - reconciling accounting profits to taxable profits, showing all adjustments.
  5. Capital allowance schedules - detailing capital allowances claimed on various asset classes.
  6. Withholding tax credit notes - for taxes deducted at source on company's income.
  7. Tax exemption/compliance certificates - if claiming any specific tax exemptions/reliefs.
  8. Supporting schedules/documents - transfer pricing policies, prior year losses carried forward, evidence for special deductions claimed.
  9. Payment of filing fees.

Process

Steps involved in this compliance service

  1. Provide the required information.
  2. Fill the form.

FAQs

Frequently asked questions about this service

1. What is CIT tax rate?
30% (standard rate).
2. What are CIT exemptions?
NGOs, educational institutions.
3. Are there penalties for non compliance?
Yes. Late filing: 5% - 10% of tax liability.
Underpayment: interest and penalties.
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