WebIn the amendment, the minimum tax is to be computed at a flat rate of 0.5% of gross turnover less franked investment income. The amendment also deleted the exemptions granted to companies with imported equity of 25% and above and introduced a minimum tax exemption for small companies with a gross turnover of less than N25,000,000. WebDec 4, 2024 · Summary. On 8 November 2024, the Tax Appeal Tribunal ("TAT" or "the Tribunal"), sitting in Lagos, upheld the applicability of excess dividend tax on franked …
franked investment income - The Free Dictionary
Webprofits derived in Nigeria by a non-resident insurance company from other activities prescribed in section 13(2) of CITA shall be subject to ... Less: Franked Investment Income (2,000,000) Gross premium and other Income Liable 25,000,000 NOTE: Only dividend that has suffered Withholding Tax (WHT) shall be allowed ... WebFRANKED INVESTMENT INCOME AND THE CHALLENGES IN TAXATION OF DIVIDENDS UNDER THE COMPANIES INCOME TAX ACT IN NIGERIA ABSTRACT Taxation is no doubt, a veritable tool in … hindi or hindu language
INSIGHT: Key Implications of the Finance Act 2024 on Foreign Investment …
WebJan 1, 2024 · Under the Companies Income Tax Act ((Chapter C21) Laws of the Federation of Nigeria 2004) (as amended) (CITA), dividends received by a Nigeran company after the deduction of tax are regarded as "franked investment income" of the Nigerian company receiving the dividend. The fund has no obligation to withhold tax before paying … WebFeb 22, 2024 · The Finance Act introduced over 40 amendments to the existing tax and regulatory legislation in Nigeria, including the Capital Gains Tax Act, Companies … WebMay 28, 2024 · The President of the Federal Republic of Nigeria signed the Finance Act, 2024 (the Finance Act) into law on January 13, 2024. The Finance Act amends various sections of the Companies Income Tax Act (CITA) and Petroleum Profits Tax Act (PPTA) among other tax laws in Nigeria. The strategic objectives of these amendments include … hindi ottaksharagalu