Taxes play a significant role in shaping the economic environment of any nation. In Nigeria, the Company Income Tax Act (CITA) is a critical piece of legislation that governs how businesses pay their taxes. However, not all profits or incomes are subject to tax under this law. Certain profits and incomes are explicitly exempted, offering relief to specific sectors or activities deemed essential for economic growth. In this article, we’ll explore the types of profits and incomes that are exempted from tax under CITA, breaking them down in a clear and straightforward way.   Profits of Friendly and Co-operative Societies Under CITA, the profits of any statutory or registered friendly society are exempt from tax as long as these profits are not derived from any trade or business carried on by the society. Similarly, co-operative societies registered under laws relating to co-operative societies enjoy tax exemptions, provided their profits come strictly from co-operative ac...