Federal Gov’t Slashes Corporate Taxes, Raises Income Tax To 25%

Oct. 15, 2024 - Leadership News

AdvertisementThe federal government has disclosed plans to reduce corporate income taxes from 30 per cent to 25 per cent in a drive to lessen the burden of taxation on corporate organisations. 5 million to now pay 19 per cent as income tax while those earning below N1 million monthly would be exempted from the personal income tax regime.

If passed into law, the new tax reforms are expected to take effect from January 2025. “Your corporate income tax rate will come down from 30% to 25%, that’s also huge.

In reforming the tax process, the government classified all taxes on businesses, including direct taxes on businesses as indirect taxes...