A company with an annual gross turnover of ₦18,000,000 is chargeable to companies income tax at:
A0%CORRECT
B20%
C30%
D10%
ICANTaxationCompanies Income Tax: Computation and Losses2023
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Why the answer is A, and why the others tempt you.
Following the Finance Act reforms, small companies with gross turnover of ₦25 million or less pay companies income tax at 0%. Medium companies with turnover above ₦25 million but not exceeding ₦100 million pay 20%, and large companies pay 30%.
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