CITNPersonal Taxation

Mr Bello earns ₦5,000,000 annual gross income. The 'higher of ₦200,000 or 1% of gross' part of his CRA is:

A₦200,000CORRECT

B₦50,000

C₦100,000

D₦500,000

AI

Toaster Teacher

Why the answer is A, and why the others tempt you.

1% of ₦5,000,000 = ₦50,000. Higher of ₦200,000 vs ₦50,000 = ₦200,000.

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