Tax Insight 1 – Dividends, interest, rent, or royalty derived by a company from a country outside Nigeria and brought into Nigeria through “Government approved channels”[1] are exempt from Companies Income Tax.
Tax Insight 2 – Dividends received from small companies in the manufacturing sector, in the first five years of operation are exempt from Companies Income Tax.
Tax Insight 3 – Dividends received from investments in wholly export – oriented businesses are exempt from Companies Income Tax.
Tax Insight 4 – Dividends received from Unit Trust Schemes are exempt from Companies Income tax.
[1] Central Bank of Nigeria, or any bank, or other corporate body appointed by the Minister as authorised dealer under the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act or any enactment replacing that Act.