COMPUTATION OF CHARGEABLE TAX UNDER NIGERIAN COMPANIES INCOME TAX

COMPUTATION OF CHARGEABLE TAX UNDER NIGERIAN COMPANIES INCOME TAX

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A tax computation is a statement showing the tax adjustments to the accounting profit

to arrive at the income that is chargeable to tax. To determine the amount of tax

chargeable, certain deductions are taken from gross income to arrive at the taxable

income. Once the amount of taxable income has been determined, tax rate charts

determine the exact amount of tax chargeable. A company's chargeable income is

usually different from the net profit/loss shown in its accounting books. This is because

some of the company's expenses may not be deductible for tax purposes. Similarly,

some of the income received by a company may not be taxable. Different methods apply

to computation of chargeable tax for a company. This paper highlights the necessary

adjustment on company’s income and also the applicable basis for computation of

company’s income tax as provided for by the Companies Incomes Tax Act.


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