Every business in Nigeria dreads the moment they have to file their Company Income Tax (CIT). The confusion, the endless paperwork, the fear of overpaying—it’s enough to give any entrepreneur sleepless nights.
Here’s the good news: You don’t have to overpay or fear FIRS audits if you compute your taxes correctly.
How is Company Income Tax Calculated?
CIT is charged at 30% of your taxable profit, except for small businesses with turnover below N25 million, which are exempt. Medium-sized companies (N25m – N100m turnover) pay 20%. Taxable profit is determined by deducting allowable expenses from your gross earnings.
Common CIT Mistakes That Cost Businesses Money
❌ Mixing personal and business expenses
❌ Failing to track deductible expenses like rent, salaries, and advertising
❌ Overlooking tax incentives and reliefs
❌ Missing deadlines and incurring penalties
How Upscale Business Resources Can Help
✔ We help you identify tax-deductible expenses to reduce your tax burden.
✔ We prepare and file your CIT returns correctly and on time.
✔ We ensure full compliance while maximizing your savings.
Don’t leave your tax computation to guesswork. Contact us today for expert assistance.
