The Minister of Finance, Budget and National Planning, Zainab Ahmed has made the announcement of Micro, Small and Medium Enterprises (MSMEs) with annual turnover of less than N25 million to be exempted from Companies Income Tax (CIT) under the New Finance Bill.
This she stated via a programme on the Nigerian Television Authority (NTA) on Monday, 6th of January, 2020.
According to her, only companies earning over N25 million per annum would be subjected to payment of tax. She said, “Our assessment is that any business that has a turnover of less than N25m needs that break, not being taxed so they can invest in their businesses.”