Company tax: FG to exempt firms earning below N25m



Image result for Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed


The Finance Bill 2019, when signed into law, will ensure that small businesses with turnover less than N25m will be exempted from Companies Income Tax, the Federal Government has said.
Currently, all companies are expected to pay to the Federal Government 30 per cent of their profits as Companies Income Tax.
However, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said once the bill was signed into law, companies making a turnover of less than N25m would no longer pay this tax while those that earned between N25m and N100m yearly would pay 20 per cent as Companies Income Tax.
She said those earning over N100m would continue to pay the 30 per cent of their profits as CIT.


Source:punchng.com


Read more:https://punchng.com/company-tax-fg-to-exempt-firms-earning-below-n25m/

Comments

Post a Comment

Popular posts from this blog

Coronavirus news – Boris Johnson and Matt Hancock test positive

Boris Johnson and Matt Hancock have tested positive for coronavirus. The prime minister and health secretary both said they had “mild” symptoms. It came as London’s NHS scrambled to avert “armageddon” as a surge of cases in the capital was recorded. Last night the UK death toll hit 578, seeing its biggest daily increase of 115. In the US, the number of cases has now passed China’s, for the highest total anywhere in the world. Early on Friday morning Donald Trump insisted he had “much respect” for China’s response to Covid-19, tweeting: “China has been through much & has developed a strong understanding of the Virus. We are working closely together.” Source: https://www.independent.co.uk/
Read more

Some Beautiful places in the world

Image
Cappadocia is a living example of just how odd yet beautiful nature can be. It presents a fantasy-like landscape which looks like it’s been plucked out of a fairy tale, alien-like hills and boulders that seem as if they’ve been transported from another planet. The humans who once lived here used the area’s soft stone to create underground shelters, leaving all kinds of weird architectural wonders in their wake. The lunar landscape is stunning on its own, but the countless hot-air balloons that fill up the sky with shades of red, yellow, orange and cream simply take its beauty to the next level. The Goreme Open Air Museum and its rock-cut churches and the subterranean wonders of Kaymakli are among the best things to see in Cappadocia. 2. WHITEHAVEN BEACH, WHITSUNDAYS, AUSTRALIA Whitehaven Beach is one of the world’s most unspoiled and beautiful beaches It’s easy to see why the Whitehaven Beach ranks among the most photographed beaches in the world. The magnificent 7 km stret...
Read more

Fear of Coronavirus: Patients flee Teaching Hospital

Patients and visitors today were seen fleeing the Delta State University Teaching Hospital in Oghara, Delta State after a rumour of a suspected COVID-19 patient filtered out into the community. The hearsay of a COVID-19 patient in the hospital, filtered into the community today as early as 10 a.m with patients and visitors hurriedly leaving the hospital. A source at the hospital, who craved anonymity, confirmed to Vanguard that “a male was brought in and we learned he is a suspected case of Coronavirus and even the doctors are refusing to go close to him” But the Ethiope West Local Government Council boss, Hon Solomon Golley has denied the report of the suspected case in the Delta State Teaching Hospital, Oghara, just as he has announced the immediate closure of Schools, worship places, and all periodical markets in the area. Source: VANGUARDNGR
Read more