The Federal Inland Revenue Service (FIRS) has issued a circular to clarify some of the changes to the Companies Income Tax Act (CITA) introduced by the Finance Act (FA) 2019.
The circular provides clarifications on a number of changes including:
- Excess Dividends Tax
- CIT exemption for Small Companies
- Exemption of Export Proceeds
- Thin Capitalisation (Thin Cap) rules
- Expenses incurred in generating exempt income
- Taxes or penalties borne on behalf of another person
- Finance Act transition
- Minimum Tax
- Gas utilisation incentive
- Rate of tax
- Filing and payment of CIT
- WHT on construction contracts
- WHT relief for foreign loans
Our alert and a copy of the circular are below:
Download PwC Tax Alert_FIRS Finance Act Circular - Sundry changes to CITA
Download 2019 FA Information Circular_Sundry CITA Provisions
Originally published 14 May, 2020
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