How should you (do you) treat marginal increases beyond regulatory threshold?

Femi Oladele Femi Oladele

Femi Oladele

Knowledge & Learning | Public Policy

发布日期: 2024年8月14日
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For tax purposes, Nigeria currently describes small companies as those with gross turnover not exceeding NGN25million.

Small companies by this definition are exempt from CIT and TET.

Today's question is if NGN25,000,000.01 counts as a big company, hence liable to the above-mentioned taxes.

What would you do as an accountant if you receive this figure as gross revenue for the year?

  1. Round off downwards?
  2. Leave as is?

Ademola Adeniji

Assurance Associate @ Ernst & Young

6 个月

A tricky one here the .01 is still not material actually ??

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