Corporate Income Tax (CIT) is a tax on the profits of registered companies. The 2025 reforms have simplified the structure and provided significant relief for small businesses.
Small companies with a gross turnover of N50 million or less AND total fixed assets of N250 million or less are now fully exempt from CIT (0% rate). This is an increase from the previous N25 million turnover threshold.
Companies that do not qualify as small companies are taxed at a standard rate of 30%.
Large companies (turnover > N20 billion) and multinationals are now subject to a Minimum Effective Tax Rate of 15% to prevent profit shifting and tax avoidance.
