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Hey guys, I incorporated a new company few weeks ago and looking to get a corporate account soon. However, I dont have a physical office since my business is 100percent online. How does company tax work for this kind of business and how do I pay it?

Emmy2009:
Hey guys, I incorporated a new company few weeks ago and looking to get a corporate account soon. However, I dont have a physical office since my business is 100percent online. How does company tax work for this kind of business and how do I pay it?

I am also curious, I have read about it. But I didn't get satisfactory info

Can someone help with an answer

To the best of my knowledge, Nigerian businesses that operate 100% online do not pay taxes. They ought to by law, but they don't. The ones with physical offices default, how much more one without an office. How will the FIRS locate you?

Edited:

The tax rate is 30% or 40% of profit, depending on the industry: non oil and gas or oil and gas.

PatrickOkunima:
To the best of my knowledge, Nigerian businesses that operate 100% online do not pay taxes. They ought to by law, but they don't. The ones with physical offices default, how much more one without an office. How will the FIRS locate you?

Edited:

The tax rate is 30% or 40% of profit, depending on the industry: non oil and gas or oil and gas.

What? 30% of profit. I thought it was 7% or something. That's too much

Emmy2009:
What? 30% of profit. I thought it was 7% or something. That's too much

Taxation is a complex subject.

VAT is 7.5%
CIT is 30 or 40%.
Businesses that are not incorporated (Sole proprietor, partnership) pay personal income tax which varies, but may not be up to 20%. There's a calculation for that.