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Nigeria Income Tax Rate for 2017, 2016, 2015, 2014, 2013

Nigeria Personal Income Tax Rate

Annual Taxable Income (N)

Tax Rate

 

0 - 300,000

 

7%

 

300,000 - 600,000

 

11%

 

600,000 - 1,100,000

 

15%

 

1,100,000 - 1,600,000

 

19%

 

1,600,001 - 3,200,000

 

21%

 

Over N 3,200,000

 

24%

 

 

 

Method to pay Personal Tax in Nigeria

Pay-As-You-Earn (PAYE)

this is how people in paid employment pay their taxes. The employer deducts the tax at source.

Self assessment by self employed persons

if self-employed you assess on your taxes, and pay the amount directly to the relevant tax authorities.

Penalties for non payment of Personal Tax in Nigeria

Not payment/remitting taxes is an offence under the relevant Personal Income Tax Laws, and failure to pay tax can result in an imposition of an additional 10% of the amount of tax not paid/remitted, in addition to the amount of tax due, and any costs incurred in the recovery of the sums due.

Nigeria Income Tax Rates 2014-2015 and Deductions

Nigeria Income Tax Rate for Individual Tax Payers

Lowest Individual Tax Rate is 7% and Highest Rate is 24%

Annual Taxable Income (N)

Tax Rate

 

0 - 300,000

 

7%

 

300,000 - 600,000

 

11%

 

600,000 - 1,100,000

 

15%

 

1,100,000 - 1,600,000

 

19%

 

1,600,001 - 3,200,000

 

21%

 

Over N 3,200,000

 

24%

 

 

 

Employment Income

In the case of employment income, a person is liable to tax on such income in Nigeria under two criteria:

1. If the duties of his employment are wholly or partly performed in Nigeria, unless:

the duties are performed on behalf of an employer who is in a country other than Nigeria,  and the remuneration of the employee in not borne by a fixed base of the employer in Nigeria;

and  the employee is not in Nigeria for a period or periods amounting to an aggregate of 183 days or more inclusive of annual leave or temporary period of absence in any twelve month period ; and

the remuneration of the employee is liable to tax in that other country under the provisions of the avoidance of double taxation treaty with that other country.

2. If the employer is in Nigeria unless the employment duties are wholly performed and the remuneration paid outside Nigeria.

Corporate Tax Rates in Nigeria

The corporate tax rate is 30%. Nigerian companies (i.e., companies incorporated in Nigeria) are liable to tertiary education tax at 2% of their assessable profit. 20% Applicable to manufacturing companies and companies engaged wholly in export, within the first five years of operation, and where the turnover does not exceed N1 million (circa US$ 6,450).

Capital Gains Tax in Nigeria

Capital gains tax (CGT) is 10%. The following assets are chargeable to Capital Gain Tax

Options, debts and incorporeal property generally

Any currency other than Nigeria currency

Any form of property created by the person disposing of it , or otherwise coming to be owned without being acquired

-Goodwill
-Copyrights
-Buildings
-Chattels etc

Nigeria Due Dates for filing Returns / Reporting and Payment

Company Income Tax Return

Within 6 months of the company's accounting year end. A new company must file its returns within 18 months from the date of incorporation or 6 months after its first accounting period, whichever is earlier.  In practice, tax returns may be delayed until the first working day of the following calendar year for companies with financial year end date between January and 30 June. This is to align the tax returns with the relevant fiscal year.

Individual Income Tax

Every employer is required to file a return of all emoluments paid to his employees not later than 31st January of every year in respect of all employees in his employment in the preceding year. In addition, a return in respect of the current year must be filed within 90 days of the fiscal year i.e. not later than 31 March

 
 

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