COMPANIES INCOME TAX
Under the Companies Income Tax Act
("CITA"), Cap C21, LFN 2004, (as amended
by the Companies Income Tax Amendment Act No. 11 of 2007), a tax at
the rate of thirty percent (30%) is imposed on the income of a
company incorporated in Nigeria, after the deduction of all
allowable expenses, losses and capital allowances.
Every company assessable to tax under the CITA must prepare and
file on a self- assessment basis, with the FIRS, audited accounts
and income tax computations within 6 months after the end of the
accounting period. However, in the case of new companies, the
returns are to be filed within 18 months, from the date of
incorporation, or 6 months after its first accounting period,
whichever occurs first.
