A company with gross turnover of ₦75,000,000 is chargeable to companies income tax at:
A0%
B20%CORRECT
C25%
D30%
ICANTaxationCompanies Income Tax: Computation and Losses2023
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Why the answer is B, and why the others tempt you.
Medium-sized companies with gross turnover above ₦25 million but not exceeding ₦100 million are taxed at 20%. Small companies at or below ₦25 million pay 0% and large companies above ₦100 million pay 30%.
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