₦airaland Forum

Small businesses pay an average of 19.8 percent in taxes depending on the type of small business. Small businesses with one owner pay a 13.3 percent tax rate on average and ones with more than one owner pay an average of 23.6 percent. Small business corporations (known as “small corporations”) pay an average of 26.9 percent, according to the Small Business Administration.

Large business. The CIT rate is 30% for large companies (i.e. companies with gross turnover greater than NGN 100 million), assessed on a preceding year basis (i.e. tax is charged on profits for the accounting year ending in the year preceding assessment).