Under the Finance Act, a small company with turnover of ₦20,000,000 is:

Question

Accepted Answer

Exempt from both companies income tax and minimum tax. Small companies with gross turnover of ₦25 million or less pay companies income tax at 0% and are also exempt from minimum tax, though they must still file returns.

Answer

A) Exempt from companies income tax but liable to minimum tax

Answer

B) Exempt from both companies income tax and minimum tax

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C) Taxed at 20% with no minimum tax

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D) Taxed at 30% but allowed double capital allowances

Under the Finance Act, a small company with turnover of ₦20,000,000 is:

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