Applicable tax law- Companies Income Tax Act. Persons subject to the Companies Income Tax:
All companies incorporated in Nigeria with the exception of companies engaged in petroleum operations.
All non-resident (foreign) companies that earn or derive income from Nigeria.
All organizations limited by guarantee (institutions of public character or charitable organizations) engaged in profit making activities other than the promotion of their primary objects.
The liquidator, receiver, or agent of liquidator or receiver of any taxable company or organization.
Where to pay the Companies Income Tax:
Companies incorporated in Nigeria and organizations limited by guarantee pay Companies Income Tax through any of the designated banks. Once payment has been captured by the bank collecting system, an e-ticket is issued is issued the company, this e-ticket is proof of payment and when presented at the Integrated Tax Office with jurisdiction an e-receipt will be issued.
Non-resident companies make payment through remittance of tax deducted at source to the designated banks.
How to pay the Companies Income Tax
Resident companies and organizations prepare and submit annual self-assessment tax returns as specified by FIRS accompanied by the evidence of the payment of the full amount or first installment of the tax due. Payment is made to designated banks
Non-resident companies are subject to Withholding Tax (WHT) deductions on the income they earn from Nigeria. This becomes their tax upon filing returns.