Value Added Tax (VAT) in Nigeria Value-added tax (VAT) in Nigeria is set at a standard rate of 7.5%, which was increased from 5% on February 1, 2020. Certain items are zero-rated under VAT regulations, such as goods and services bought by diplomats and those acquired for use in humanitarian donor-funded projects. Exempt from VAT […]
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Personal Income Tax (PIT) in Nigeria Personal Income Tax (PIT) is a levy imposed on individuals’ income based on predetermined rates set forth by relevant legislation, such as the PIT Act 2011 (as amended) in Nigeria. Essentially, PIT represents a portion of an individual’s earnings, encompassing salary, business profits, property income, or investment returns, which
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Corporate Income Tax in Nigeria The regulation governing Corporate Income Tax (CIT) is stipulated in the Companies Income Tax Act (CITA), under Cap C21, LFN 2004, with subsequent amendments. CIT is a levy imposed on a company’s profits garnered from all sources. The prescribed tax rate stands at 30% of the total profits of a
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