In the first half of 2024, Nigeria's corporate tax landscape was dominated by the financial and insurance activities and manufacturing sectors, which emerged as the highest contributors to company income tax (CIT).
Victor EjechiIn the first half of 2024, Nigeria’s financial and insurance, and manufacturing sectors recorded the highest contributions to the country’s company income tax revenue.
The CIT, also known as corporate tax, is levied on the profits made by companies operating in Nigeria. It is regulated by the Companies Income Tax Act and enforced by the Federal Inland Revenue Service . The bureau also said public administration and defence contributed N94.68 billion to Nigeria’s CIT revenue in the first six months of the year.
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