The government’s multiple taxes have directly and indirectly stunted business development in Nigeria, just as the Companies’ Income Tax (CITA) Act 2007, is further crippling performance in the insurance sector.

CITA imposes minimum tax on companies where they have no taxable profits or taxable profits resulting in lower than minimum tax

This minimum tax also applies in different forms to some specific sectors such as insurance, which effectively means that companies would have to pay taxes out of their capital.

This has become a major concern in the sector, as operators are fighting for reduction of unfair and overburdening tax liabilities. The Senior Adviser at KPMG Nigeria, Adebayo-Begun Oluwatomisin, highlighted the issues and what ought to be done to address these challenges in the country...
Read more: http://www.bookspen.com/multiple-taxation-cripples-growth-insurance-says-expert/