Bill Passes Second Reading to Exempt Loss-Making Companies from Minimum Tax

📆 05/12/2024 09:26 م
📰 thecableng

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POLITICS أخبار

Companies Income Tax Act,Minimum Tax,Loss-Making Companies

A bill aiming to amend the Companies Income Tax Act to exempt businesses experiencing losses from minimum tax payments has passed the second reading in the legislature. The bill, sponsored by Oboku Oforji from Bayelsa, seeks to introduce a new subsection to exempt loss-making companies from paying a 0.5 percent minimum tax on their gross turnover.

A bill seeking to exempt companies recording losses from paying the minimum income tax has passed the second reading in theThe bill aims to amend the Companies Income Tax Act to “provide adequate security and guarantee” for businesses and companies that record losses in each “assessment year”.

The proposed legislation seeks to introduce a new subsection to the aformentioned section to exempt companies that record losses in the “assessment year” from paying the minimum tax.

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