1. What is Corporate Income Tax? Corporate Income Tax (CIT) is a tax paid by companies on the profits they make from business operations in Nigeria. It applies to all limited liability companies—whether Nigerian or foreign—so long as they earn income from Nigeria. 2. Who Pays CIT? Companies that must pay CIT include: Business names and […]

1. What is Personal Income Tax? Personal Income Tax (PIT) is a tax paid by individuals on the income they earn. This includes salary, business profit, professional fees, rent, commissions, investment income, etc.Under the 2025 New Tax Law, PIT has been reorganized to ensure better compliance, digital filing, and fairer tax rates. 2. Who Pays Personal Income

1. What is Withholding Tax (Deduction of Tax at source)? Withholding Tax (WHT) is an advance payment of income tax.It is deducted at the point where payment is made, and later credited to the taxpayer’s annual tax return. Example:If you render a service and the fee is ₦100,000.00 (One Hundred Thousand Naira) the payer may deduct