Nigeria: Requirements for institutions and organisations under companies income tax schedule

Procedures for listing funds, bodies, and institutions under under companies income tax schedule

Procedures for listing funds, bodies, and institutions under companies income tax schedule

The Federal Inland Revenue Service issued Information Circular No.: 2021/02 regarding the procedures for listing funds, bodies, and institutions under the Fifth Schedule to the Companies Income Tax (CIT) Act, Cap 21 Law of the Federation of Nigeria, 2004 (CITA). 

The circular sets out the eligibility criteria that apply for a public fund, a statutory body or institution, and an ecclesiastical, charitable, benevolent, educational or scientific institution or body of a public character established in Nigeria.

Other criteria under the circular require registration, prohibit the distribution of profits to members or promoters, and mandate the exclusive use of the income to satisfy the public interest goals of the institution or organisation.

There are also approval procedures and rules for the administration of tax-deductible certificates.

Read an April 2021 report [PDF 423 KB] prepared by the KPMG member firm in Nigeria

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