Companies with less than N25m turnover will not pay income tax ― Zainab Ahmed

 

Zainab Ahmed

Zainab Ahmed

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has stated that Micro and Small (MSMEs) with a turnover of less than N25 million will be exempted from Compànies Income Tax (CIT) under the New Finance Bill.
The Minister of Finance said on a programme of the Nigerian Television Authority (NTA) on Monday.

According to her 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.”

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