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CORPORATE INCOME TAX
Shares of UK-based Tullow Oil Plc crashed by about 50% on Wednesday after Ghana won a long-running arbitration dispute over a $196.5 million corporate income tax assessment against the oil producer.
Nigeria’s financial sector played a pivotal role in national revenue generation during the third quarter of 2024, contributing N570.91 billion in corporate income tax (CIT), a significant 21.5% share of the total N2.66 trillion collected during the period.
Information obtained from the Nigerian Stock Exchange (NSE) has shown that 10 Nigerian companies incurred the highest tax expenses in half-year 2019.