SmartPreneur
Advertisement
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
SmartPreneur
No Result
View All Result
Home Trending News

MSMEs SET TO BE EXEMPTED FROM COMPANY INCOME TAX – FG

Jubril Agoro by Jubril Agoro
January 7, 2020
in Trending News
0
MSMEs SET TO BE EXEMPTED FROM COMPANY INCOME TAX – FG
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Micro, small and medium enterprises with an annual turn-over less than 25million naira will be exempted from paying company income tax, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has disclosed.

This is part of the provisions of the new Finance Bill yet to be signed into law. The Minister said the new development is as a result of the ministry’s assessment of small businesses needing “that break” in order to invest properly in their businesses.

Zainab revealed that companies with annual turn-over of between 25m-100m will pay 20% CIT, she said “…we reduced the tax for medium-size businesses from 30 per cent to 20 per cent so they can have more resources that they can plough back in their businesses. These are the largest employers of labour. The federal and state governments have a total labour force of less than one per cent of the population.”

“Not only will small businesses be able to do more because they are not paying taxes, but we are also working together with the trade authorities to also encourage people in the informal sector to become formalised because they will see other businesses like them that are not registered doing well.”

“Their productivity will increase, they will employ more Nigerians and at the end of the day, they will grow to the level of a medium-size business and begin to pay taxes.”

While the bill is yet to be passed, companies are still expected to pay 30% CIT to the Federal Government.

Previous Post

Google to Train 200,000 Developers in Nigeria to Boost Digital Economy

Next Post

5 TIPS TO GET FAMILY AND FRIENDS TO FUND YOUR BUSINESS

Jubril Agoro

Jubril Agoro

Related Posts

FG Searching For Nigerian Researchers To Help Create National AI Strategy
Trending News

FG Searching For Nigerian Researchers To Help Create National AI Strategy

by Blessing Osazuwa
August 28, 2023
0

The Federal Government has said it is seeking top researchers of Nigerian descent from across the globe to help the...

Read more
SMEDAN
Trending News

SMEDAN, Nimbus Media To Support Women-owned Businesses With N40m

by Blessing Osazuwa
August 24, 2023
0

Nimbus Media Ltd and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have jointly announced the opening of...

Read more
FCMB Extends N10m Renewable Energy Loan to Small Enterprises, Others
Trending News

FCMB Extends N10m Renewable Energy Loan to Small Enterprises, Others

by Blessing Osazuwa
August 14, 2023
0

Nigerians seeking green energy solutions like solar panels and batteries can now access up to N10 million through FCMB Energy...

Read more
We did not register ‘Wickedness Association’ as a business entity, Says CAC
Trending News

How To Stay Registered With CAC, Avoid Being Delisted

by Blessing Osazuwa
August 3, 2023
0

In Nigeria, business owners have a legal obligation to register their ventures with the Corporate Affairs Commission (CAC), the government...

Read more
KreAfrika To Empower Africa’s Cultural Sector through Entrepreneurship and Financing Training
Trending News

KreAfrika To Empower Africa’s Cultural Sector through Entrepreneurship and Financing Training

by Blessing Osazuwa
July 31, 2023
0

Senghor University, the French Development Agency and Trace Academia have launched the KreAfrika project to support and train professionals of...

Read more
2023 Report: Lagos Emerges as Leading Startup Ecosystem
Trending News

2023 Report: Lagos Emerges as Leading Startup Ecosystem

by Blessing Osazuwa
July 27, 2023
0

According to a 2023 global startup ecosystem report by Startup Genome, Lagos, has achieved significant growth, becoming the regional leader...

Read more
N700/Litre? Petrol Marketers & Distributors React
Trending News

Fuel Price Hike Threatens Closure of Small Businesses, Sparks Job Loss Concerns

by Blessing Osazuwa
July 27, 2023
0

The Organised Private Sector of Nigeria is deeply concerned about the potential complete closure of numerous small businesses and the...

Read more
Load More
Next Post
5 TIPS TO GET FAMILY AND FRIENDS TO FUND YOUR BUSINESS

5 TIPS TO GET FAMILY AND FRIENDS TO FUND YOUR BUSINESS

Please login to join discussion

Recent News

Featuring on a podcast: 3 Mistakes To Avoid, Could Affect Your Marketing

Featuring on a podcast: 3 Mistakes To Avoid, Could Affect Your Marketing

September 29, 2023
The Future of Payments and Commerce Conference 2023 (Register)

The Future of Payments and Commerce Conference 2023 (Register)

September 28, 2023
5 Practical Ways To Turn Your Biggest Client into Multiple Big Clients

5 Practical Ways To Turn Your Biggest Client into Multiple Big Clients

September 20, 2023
How to steal your competitors’ future customers

How to steal your competitors’ future customers

September 15, 2023
SmartPreneur

© 2020 SmartPreneur

Navigate Site

  • Home
  • Trending News
  • Radio
  • Games & Quizzes
  • TV

Follow Us

No Result
View All Result
  • Home
  • Trending News
  • Radio
  • TV
  • Hustle Life
  • Brand Insights
  • Profiles
  • Game & Quizzes
  • Weekend Teaser

© 2020 SmartPreneur