Tag: CIT

Economy

Nigeria earned N2.33tn from VAT, CIT in Q4 2023 – NBS

Nigeria’s economy witnessed a significant influx of revenue from Value Added Tax and Company Income Tax in the fourth quarter of 2023, according to the latest figures released by the National Bureau of Statistics. In the final quarter of the year, the combined VAT and CIT collections amounted to approximately N2.33 trillion, according to nairametrics. […]

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CIT collection rises by 116% to N1.75 trillion in 2023 – NBS

Nigeria’s Company Income Tax collection jumped from N810.19 billion in the third quarter of 2022 to N1.75 trillion in the third quarter of 2023, a 115.90% increase in just one year. The National Bureau of Statistics’ most recent CIT collection report for Q3 2023 made this revelation. The CIT collection increased from N1.53 trillion in Q2, […]

30% CIT on foreign tankers to cut FG's profit - Shipowners
Business

30% CIT on foreign tankers to cut FG’s profit – Shipowners

The 30% corporation income tax that was recently imposed on members of the International Association of Independent Tanker Owners raised concerns to the president of the Nigerian Chamber of Shipping, Mr. Aminu Umar, about how it would affect the federal government’s revenue. According to The Punch, Umar suggested on Sunday that the tax structure might […]

FIRS announces new TAXPR-MAX platform for CbCR
Business

FIRS partly extends submission date for 2023 CIT returns

The Federal Inland Revenue Service has partly extended the deadline for the submission of Companies Income Tax returns for the 2023 year of assessment. The company announced in a statement signed by the Executive Chairman of FIRS, Muhammed Nami, that it had received numerous requests from businesses for an extension of the time to file CIT forms for […]