Nigerian FIRS Requires Small Companies to File Tax Returns Despite Zero Percent Tax Rate
The Federal Inland Revenue Service (FIRS) in Nigeria has clarified that small companies must file tax returns even with a zero percent tax rate until 2026. The Deputy Director of FIRS, Kehinde Kajesomo, explained the criteria for small companies, including turnover and fixed asset limits.
While medium and large companies face a 30% corporate tax rate, there are new regulations for small companies, including a 4% levy on profits to replace existing levies. President Bola Tinubu may reduce the tax rate to 25%.
The changes aim to ensure an effective tax rate of at least 15%.
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