Data sourced from Company Income Tax reports published by the National Bureau of Statistics between 2015 and 2022 showed CIT collected by the Federal Inland Revenue Service stood at N1.3tn when the President assumed office in 2015 and dipped by 26 per cent to N1tn in 2016 when the country’s economy went into recession due a significant drop in oil prices.
Companies Income Tax is a tax on the profits of incorporated entities in Nigeria. It also includes the tax on the profits of non-resident companies carrying on business in Nigeria. The tax is paid by limited liability companies inclusive of the public limited liability companies. It is commonly referred to as a corporate tax.
