WebNov 17, 2024 · The Organisation for Co-operation and Economic Development (OECD) has compiled tax revenue data for countries around the world—including 30 African … WebThe standard rate of tax has now been raised to 7.5% of invoice value of goods and services although companies with an annual turnover of N25 million (approx. …

OVERVIEW OF TAXATION LAWS IN NIGERIA

WebValue Added Tax (VAT) is a type of tax imposed on goods and services. The current rate for VAT is 7.5%. Withholding Tax (WHT) Also, known as advance income payment, WHT is paid to the government by the payer of an income instead of the recipient of the income. WebFeb 24, 2024 · Personal allowances. As a result of the consolidated relief allowance of at least 21% of gross income, the top marginal tax rate is 18.96% for income above NGN … great orme brewery

What types of income are taxable in Nigeria?

WebThe tax which each individual is bound to pay ought to be certain, and not arbitrary. The time of payment, the manner of payment, the quantity to be paid, ought all to be clear and plain to the contributor, and to every other person.…. III. Every tax ought to be levied at the time, or in the manner, in which it is most likely to be convenient ... WebJan 18, 2024 · 9. EDT (Tertiary Education Tax) This is another tax among the nine types of taxes in Nigeria in 2024. EDT stands for Tertiary Education Tax. Every company that … WebMar 21, 2024 · This tax ranges from 7% on the first ₦300,000 to 24% for people earning higher than ₦3,200,000. It is important to note that workers living in Nigeria for greater … great or less than calculator