Here are the key things every Nigerian should know:
- Small Businesses Pay 0% Company Tax
If a business is classified as a small company, it does not pay company income tax.
This policy helps small businesses grow and survive.
- Most Companies Pay 30% Tax
Companies that are not classified as small businesses will pay 30% tax on their profits.
This is the standard company tax rate in Nigeria.
- Big Companies Must Pay At Least 15% Tax
Some very large companies sometimes reduce their tax using different deductions.
To ensure fairness, the law says:
If a company’s tax becomes less than 15% of its profit, it must pay additional tax to make it reach 15%.
- Minimum Wage Earners Pay No Personal Income Tax
Workers earning the national minimum wage are exempt from personal income tax.
This helps protect low-income earners.
What This Means For Nigeria
- Small businesses get relief
- Big companies pay their fair share
- Low-income workers are protected
Understanding tax laws helps you run smarter businesses and make better financial decisions.
At 2GDB Consulting, we simplify tax, finance, and business insights to help individuals and organizations grow smarter.