The CIT rate is 30% for large companies (i.e. companies with annual gross turnover greater than NGN 100 million), assessed on a preceding year basis (i.e. tax is charged on profits for the accounting year ending in the year preceding assessment). It is useful to note that resident companies are liable to CIT on their worldwide income while non-residents are subject to CIT on their Nigeria-source income. Also, investment income paid by a Nigerian resident to a non-resident is sourced in Nigeria and subject to withholding tax (WHT) at source, which serves as the final tax.
A Non-resident company that has a fixed base or a permanent establishment in Nigeria is taxable on the profits attributable to that fixed base or permanent establishment. Non-resident digital companies that have a significant economic presence will be subject to income tax in Nigeria on profit attributable to the taxable presence in Nigeria.
A foreign entity involved in digital transactions will be deemed to have created a significant economic presence in Nigeria and therefore liable to CIT if it:
For the purposes of (1) above, revenue derived from Nigeria includes that in respect of:
It is useful to note that activities carried out by connected persons shall be aggregated to determine the NGN 25 million threshold (where applicable). Additionally, any company covered under any multilateral agreement to which Nigeria is a party will be treated in accordance with those agreements from the effective date in Nigeria.
Non-resident companies providing professional, consultancy, management, and technical (PCMT) services to Nigeria residents will be subject to tax at 10% final tax where such company has an SEP in Nigeria. It is useful to note that a foreign entity providing technical (including training, advertising, supply of personnel), professional, management, or consultancy services will have an SEP in Nigeria in any accounting year if it earns any income or receives any payment from a person resident in Nigeria or a fixed base or agent of a foreign entity in Nigeria. Accordingly, such companies are required to register for CIT and file its tax returns. Any WHT deducted at source from its Nigeria-source income is available as offset against the CIT liability save for non-resident companies carrying out PCMT services where the WHT paid at 10% is deemed to be final tax.
Small companies are companies with a gross turnover of NGN 25 million or less. The corporate income tax rate for such companies is zero
Medium companies are companies with a gross turnover greater than NGN 25 million and less than NGN 100 million. The corporate income tax rate for such companies is 20%.
Real estate investment companies are exempt from income tax on rental income, and dividend income earned in a financial year will be exempt from income tax provided at least 75% of such income is distributed within 12 months. However, such companies must be approved by the Securities Exchange Commission to operate as a real estate investment scheme in Nigeria.
Petroleum profit tax (PPT)
Petroleum Profit Taxes (PPT) is a tax on the income of companies engaged in upstream petroleum operations in lieu of CIT.
The PPT rates vary as follows:
Following the enactment of the Petroleum Industry Act 2021, holders of a Petroleum Prospecting Licence and Petroleum Mining Lease will be subject to both CIT at 30%, and Hydrocarbon Tax (HCT).
HCT rates are as follows:
This means that the highest headline tax rate for companies in the upstream oil and gas industry will be 60%.
Current Oil Mining Licence and Oil Prospecting Licence holders will continue to be taxed in line with the Petroleum Profits Tax Act (PPTA) unless a conversion contract is executed in line with the provisions of the Petroleum Industry Act 2021.
Tertiary education tax is imposed on every Nigerian company at the rate of 2.5% of the assessable profit for each year of assessment. The tax is payable within two months of an assessment notice from the FIRS. In practice, many companies pay the tax on a self-assessment basis along with their CIT.
For companies subject to PPT under the PPTA, tertiary education tax is to be treated as an allowable deduction. For other companies, income/profit taxes are not deductible in arriving at taxable income. Tertiary education tax is not tax deductible for companies subject to income tax under the Petroleum Industry Act 2021.
Non-resident companies and unincorporated entities are exempt from tertiary education tax.
Minimum tax is payable by companies having no taxable profits for the year or where the tax on profits is below the minimum tax. However, companies in the first four calendar years of business, companies engaged in the agriculture business, or small companies are exempt from minimum tax.
What is the applicable rate for Minimum Tax in Nigeria?
There is a tax on distribution where a company pays a dividend in excess of its taxable profit. Certain profits should be deducted from the dividend that is compared to the taxable profit, including dividend income that has suffered WHT, profits exempt under the Companies Income Tax, Capital Gains Tax, Petroleum Profit Tax, Industrial Development (Income Tax Relief) Act, and retained earnings that had suffered tax previously.
ALTERNATIVE TAX ON DEEMED PROFIT
The law allows the Federal Inland Revenue Service (FIRS) to assess and charge companies to tax on a fair and reasonable percentage of turnover under the following circumstances:
The above provision of the law also applies to foreign digital companies deriving profits from Nigeria.
CIT is payable only to the federal government. State governments collect income taxes of individuals and unincorporated entities, while local governments are only allowed to collect levies and rates but not income tax.
The CGT rate is 10%.
Chargeable assets for the computation of CGT include:
CGT will not apply on gains from the disposal of a Nigerian company’s shares where the disposal proceeds are less than N100m in any 12 consecutive months, or to the extent that the proceeds are reinvested in acquiring shares in a Nigerian company within the same year of assessment. Shares disposed in a regulated Securities Lending Transaction are also exempted.
Capital gains taxes apply on payments exceeding ₦10m made to employees as compensation for loss of employment. An employer is obligated to deduct and remit the relevant CGT applicable. Other exemptions include gains from disposal of:
The allowable deductions are:
Rollover reliefs can be claimed where proceeds of disposal are used to purchase a new asset of the same class within 12 months before or after the disposal of the old asset.
The classes of assets eligible for relief are:
Class 1: 1A – Building and Land
1B – Plant or machinery which does not form part of the building
Class 2 – Ships
Class 3 – Aircraft
Class 4 – Goodwill
Class 5 – Stocks and Shares
The statutory time limit is 6 years after the end of the year of assessment in which that gain accrues.
IT Tax is payable by specified companies with turnover of ₦100 million and above. The tax when paid is tax deductible for company income tax purposes. The tax is governed by the National Information Technology Development Act (NITDA) 2007.
The applicable IT rate is 1% of profit before tax.
The taxable companies are:
IT Tax is assessed by the FIRS and is payable within 60 days of service of a notice of assessment. In practice companies self-assess the tax along with CIT returns.
Nonpayment within specified time attracts the payment of the unpaid tax plus 2% of the tax payable.
For a first offence when penalties are not stated, the penalty is the payment of the sum of ₦200,000 or one year imprisonment or both.
In the case of a second and subsequent offence, the penalty is the sum of ₦500,000 or three year imprisonment or both.
Personal Income Tax (PIT) is a tax levied on individuals including employees, partners in a partnership, unincorporated trust, joint ventures, families and communities. It is imposed based on source and residency rules.
PIT rate is applied on a graduated scale and taxable income bands as set out below:
Tax Band (₦) | Rate (%) |
First 300,000 | 7 |
Next 300,000 | 11 |
Next 500,000 | 15 |
Next 500,000 | 19 |
Next 1,600,000 | 21 |
Above 3,200,000 | 24 |
Those earning minimum wage or less from employment are exempt from PIT.
Note: As a result of the consolidated relief allowance of at most 21% of gross income, the top marginal tax rate is 18.96% for income above ₦20 million as only 79% of income is taxed at 24%, while for income below ₦20 million the top marginal rate is 19.2%.
Benefits in Kind (BIK) provided to an employee by the employer such as official cars, accommodation, etc., are deemed part of the employee’s gross emoluments. For items other than accommodation, the deemed annual benefit is 5% of the cost where the asset is owned by the employer or the actual rent paid where the asset is leased by the employer.
BIK on accommodation is taxable based on the annual value of the premises as determined for
purposes of local rates or as determined by the relevant tax authority.
PIT is applicable on the business income earned by individuals, partnerships, trusts and other unincorporated entities which generally have an identifiable place of operation in Nigeria.
The Finance Act (FA) 2020 amends PITA to provide that income earned by non-resident individuals, executors and trustees from technical, professional, management, or consultancy (TPMC) services remotely provided to a person resident in Nigeria shall be subject to a final 10% WHT in Nigeria, if the non-resident individual has a significant economic presence (SEP) in Nigeria. The Act does not specify what constitutes a SEP but empowers the Minister of Finance to do so through an Order.
Other conditions that create PIT obligation include:
The PIT determined is payable to the relevant state tax authority where the individuals,
partners, trustees are residents.
In the case of employment income, a person is liable to tax under two criteria:
1. If the duties of employment are wholly or partly performed in Nigeria, unless:
2. If the employer is in Nigeria unless the employment duties are wholly performed, and theremuneration paid outside Nigeria.
1. Consolidated relief allowance: Higher of N200,000 and 1% of gross income, plus 20% of gross income. Note that gross income means income from all sources less non-taxable income, on which no further tax is payable, tax-exempt items listed in paragraph (2) of the Sixth Schedule to the Personal Income Tax Act, and all allowable business expenses and capital allowance.
2. Deductions allowed are NHF contribution, National Health Insurance Scheme, Life Assurance Premium, Pension Scheme and Gratuities. Only pension contributions to schemes recognised under the Pension Reform Act are allowable as a deduction for tax purposes. Contributions to foreign pension funds are not deductible for tax purposes.
3. Reimbursements: These are expenses incurred in the performance of employment duties from which it is not intended that the employee should make any gain or profit.
4. Interest and dividend: Interest earned from treasury bills, government and corporate bonds are exempt while withholding tax at 10% is the final tax on other interests and dividends.
5. Interest on mortgage: Interest paid on mortgage loan for owner’s occupied property in any year is granted as a relief in the following year.
6. Life assurance premium: Life assurance premium paid in the prior year is granted as a relief in the current year. Only policy on the life of the individual and spouse is eligible. Deferred annuity premiums are not allowable deductions.
7. Disability allowance: A deduction of ₦3000 or 20% of earned income, whichever is higher, in the case of a disabled person who uses special equipment or the services of an attendant in the course of a paid employment.
1. Consolidated relief allowance: Higher of N200,000 and 1% of gross income, plus 20% of gross income. Note that gross income means income from all sources less non-taxable income, on which no further tax is payable, tax-exempt items listed in paragraph (2) of the Sixth Schedule to the Personal Income Tax Act, and all allowable business expenses and capital allowance.
2. Deductions allowed are NHF contribution, National Health Insurance Scheme, Life Assurance Premium, Pension Scheme and Gratuities. Only pension contributions to schemes recognised under the Pension Reform Act are allowable as a deduction for tax purposes. Contributions to foreign pension funds are not deductible for tax purposes.
3. Reimbursements: These are expenses incurred in the performance of employment duties from which it is not intended that the employee should make any gain or profit.
4. Interest and dividend: Interest earned from treasury bills, government and corporate bonds are exempt while withholding tax at 10% is the final tax on other interests and dividends.
5. Interest on mortgage: Interest paid on mortgage loan for owner’s occupied property in any year is granted as a relief in the following year.
6. Life assurance premium: Life assurance premium paid in the prior year is granted as a relief in the current year. Only policy on the life of the individual and spouse is eligible. Deferred annuity premiums are not allowable deductions.
7. Disability allowance: A deduction of ₦3000 or 20% of earned income, whichever is higher, in the case of a disabled person who uses special equipment or the services of an attendant in the course of a paid employment.
Individuals are to file returns not later than 31 March annually in respect of the preceding year.
Employers are required to file the following documents:
PAYE must be remitted on or before the 10th day of the month following the payment of salary (e.g., PAYE tax deducted from January salary should be remitted by 10th of February).
For individuals under direct assessment, payment must be made along with returns within 90
days of the fiscal year i.e., not later than 31 March.
Courier service, email and other electronic means.
10% per annum of the amount plus interest on an annual basis at bank lending rate (in practice a one-off interest rate of 15% to 21% is applied). Late filing attracts a fine of ₦500,000 in the case of corporate bodies, and ₦50,000 in the case of individuals.
The statutory time limit is 6 years except in the event of a fraud, willful default or neglect by the taxable person in which case there is no limitation.
The PIA was enacted on 16 August 2021. It provides the fiscal framework for regulating the Nigerian Petroleum Industry. All existing fiscal laws will continue to exist till when all Oil Prospecting Licences and Oil Mining Licences convert to the fiscal framework in the PIA.
Existing Oil Prospecting Licence (OPL) or Oil Mining Licence (OML) holders can opt into the fiscal terms of the PIA by executing a Conversion Contract within 18 months from the effective date of the PIA.
The Conversion Contract will include the following clauses:
The applicable royalty rates for production of crude oil:
Additional royalties based on price for crude oil and condensates to be remitted to the Nigerian
Sovereign Investment Authority as stated below:
5% royalty will apply to the production of natural gas and natural gas liquids. This is reduced to 2.5% where the natural gas is produced and utilised in Nigeria.
The rates for production allowance are:
Note that additional regulation will be published in relation to the calculation of this allowance. Also, note that this allowance will be computed based on production.
The tenure for licences to be issued for upstream operations are:
Depending on the relevance of the tax to the specific stream, the provisions of the PIA are
applicable to companies engaged in upstream, midstream and downstream operations
The incentives are:
For upstream petroleum operations, tax is payable on an actual year basis in 12 equal monthly
instalments with a final 13th instalment (if there is an underpayment). The first instalment for the year is due by the end of March of the fiscal year.
Late submission of returns for HT and CIT attracts an initial penalty of N10,000,000 and ₦2,000,000 for each day such failure continues
Late payment of tax or failure to recompute and file a revised ETR where there are changes in the prices, costs or volumes attracts a penalty of interest at LIBOR + 10% on additional tax that would have been payable if revised return had been submitted.
Withholding Tax (WHT) is an advance payment of income tax deductible at source on specified transactions. It can be applied as a tax credit against income tax liability in most instances. The relevant provisions are in the CITA, PITA, PPTA, and WHT Regulations.
What are the WHT rates under CITA, PITA and WHT Regulations?
Transactions | Companies | Individual |
Dividends, Interest and Rent | 10% | 10% |
Royalties | 10% | 5% |
Hire of Equipment, Motor Vehicles, Plants and Machinery | 10% | 10% |
Commission, Consultancy, Technical and management fees, legal fees, audit fees and other professional | 10% | 5% |
Construction of road bridges, building and power plant/Other types of construction. | 2.5% / 5% | 5% |
All other types of contracts and agency arrangements, other than sales | 5% | 10% |
The rate of WHT on dividend, interest and royalty is reduced to 7.5% when paid to a corporate
recipient resident in a treaty country. In the case of individuals, 7.5% is applied on dividend and interest and 5% on royalty. The FIRS has introduced administrative requirements for relevant parties to take advantage of treaty benefits.
WHT will not apply to distributions to a Real Estate Investment Company (REIC), and on compensating payments under a Registered Securities Lending Transaction.
Withholding tax returns should include a schedule showing vendor Tax Identification Number, name and address, type of contract, rate applied, amounts, and evidence of payment.
The tax authority may issue additional assessment within six years from the relevant tax year.
However, the limitation does not apply in the event of a fraud, willful default or neglect by the Company.
Persons required to deduct WHT are all companies, organisations or establishments that operate the Pay-As-You-Earn Scheme.
The National Agency for Science and Engineering Infrastructure (NASENI) was established in 1992 by the Federal Government of Nigeria. The Agency’s mandate is to create an enabling, knowledge-driven environment for local mass-production of standard parts, goods and services required for the nation’s science and technology advancement. The enabling legislation for the Agency is the NASENI Act. The Act was amended by the Finance Act (FA) 2021.
The Nigerian Police Trust Fund Act (NPTF Act), passed by the National Assembly and signed into law on 24 June 2019, establishes the Nigeria Police Trust Fund. The proceeds from the Fund will be used to train police personnel and procure security machinery and equipment. The Act was amended by the Finance Act (FA) 2021.
The Nigerian Police Trust Fund Act (NPTF Act), passed by the National Assembly and signed into law on 24 June 2019, establishes the Nigeria Police Trust Fund. The proceeds from the Fund will be used to train police personnel and procure security machinery and equipment. The Act was amended by the Finance Act (FA) 2021.
The NPTF levy is charged at 0.005% on the net profit of companies operating in Nigeria.
The FIRS is empowered to administer the levy, and all relevant provisions in the Companies Income Tax Act (CITA) and the Federal Inland Revenue Service Establishment Act (FIRSEA) will apply with respect to administration, assessment, collection and enforcement of the levy.
Customs duties are taxes payable on goods imported into or exported from Nigeria. Excise duties on the other hand, are payable on the manufacture, sale or use of specified locally manufactured goods. The tax may also be levied on services, consumption and imported goods.
The various duties are governed by the Custom and Excise Management Act (CEMA) and several other Acts and Regulations relating to customs and excise matters.
Import duties apply on various goods based on the Harmonised System (HS) Codes at rates ranging between 5% to 35%.
Excise Duties are charged on applicable products either on ad-valorem basis, fixed charge per unit, or both. Excise Duties are also applicable on the importation of the relevant products.
Products | 2017 | 2018 | 2019 | 2020 |
Tobacco | 0.2 | 20% + 1 | 20% + 2 | 20% + 2.9 |
Beer & Stout | 0.2 | 0.3 | 0.35 | 0.35 |
Wines | 0.2 | 1.25 | 1.5 | 1.5 |
Spirit | 0.2 | 1.5 | 1.75 | 2 |
Tobacco – the fixed duties are charged per stick
Other items – the duties are charged per cl.
Note that Excise duties have been introduced on non-alcoholic, carbonated and sweetened beverages, at ₦10 per litre. Also note that, importation of aircrafts, engines, spare parts and components whether purchased or leased by commercial airlines registered in Nigeria are exempt from Import duty based on amendments introduced by the Finance Act 2020.
The ECOWAS on 25th October 2013 adopted the ECOWAS Common External Tariff (CET). The ECOWAS CET was designed to set the same customs duties, import quotas, preferences or other non-tariff barriers to trade applicable to all goods entering the territory of any of the countries within the region.
| Category | Types of Goods | Duty Rate |
| 0 | Basic Social Goods | 0% |
| 1 | Basic Goods, Raw Goods, Capital Goods | 5% |
| 2 | Inputs and Semi-Finished Goods | 10% |
| 3 | Finished Goods | 20% |
| 4 | Specific Goods for Economic Development | 35% |
There are no filing requirements; however, manufacturers are required to keep the following records of manufacture and return (a) Material Register (b) Operation Register (c) Finished Product Register.
Import duties are payable upon importation prior to or at the port of entry. Excise duty on the other hand, is due and payable immediately on manufacture of excisable goods. The Board may however at its discretion deem the duty to become due and payable at a stage not later than the delivery of the goods from the products store.
The Export Expansion Grant (EEG) is a post-shipment incentive designed to improve the competitiveness of Nigerian products and commodities and expand the country’s volume and value of non-oil exports. The incentives were introduced by the Federal Government through the Export (Incentives and Miscellaneous Provisions) Act, No. 18 of 1986 as amended by the Export (Incentives and Miscellaneous Provisions) Act, No. 65 of 1992, Cap. E19, Laws of the Federation of Nigeria (LFN).
In order to fund the administration of the scheme, EEG beneficiaries are to pay 2% of the value of the ECC upon collection of the certificate and 4% cost of collection when utilised.
With respect to Excise Duties, offences include but are not limited to:
Penalties vary depending on the type of product liable to excise duty. Common penalties include fines, forfeiture of product, forfeiture of equipment and materials used in the manufacture of product, imprisonment etc.
Stamp duties are a tax on physical and electronic instruments/documents evidencing transactions between persons. Stamp Duties are imposed by the Stamp Duties Act (SDA).
Stamp duty is chargeable either at fixed rates or ad valorem (i.e., in proportion to the value of the consideration) depending on the class of instrument. An “Electronic Money Transfer” levy on the other hand, is applicable on electronic receipts or electronic transfer for money deposited in a financial institution, on any type of account. The applicable levy is ₦50 on any transfer of ₦10,000 or more. The levy is to be accounted for by the person to whom the transfer or deposit is made.
All instruments (written and electronic documents) relating to an act to be performed in Nigeria must be stamped, except such instrument is specifically exempted
The exemptions/incentives are:
The SDA does not expressly state the party that is obliged to ensure that a dutiable instrument is stamped in all cases. In practice, the party paying the consideration usually pays the duty, and where this party does not pay, the duty is borne by whomever seeks to rely on the instrument/agreement in judicial proceedings.
The ECS is administered by the Nigerian Social Insurance Trust Fund (NSITF) in line with the provisions of the Employee Compensation Act 2010. The Act requires all employers in the public and private sectors to make a minimum monthly contribution of one percent of the total monthly payroll into the Fund.
A minimum monthly contribution of 1% of total monthly payroll into the Fund.
All employers and employees in the public and private sectors in Nigeria.
All instruments (written and electronic documents) relating to an act to be performed in Nigeria must be stamped, except such instrument is specifically exempted
Employers are prohibited from deducting ECS contributions from employees’ remuneration. Also, employees must not be allowed to contribute towards indemnifying the employer against a liability which may be incurred under the Employee Compensation Act (ECA).
A fine of ₦20,000 for the first case of non-compliance or imprisonment for a term not exceeding one year or ₦100,000 for every subsequent case of non-compliance, or to both
The ITF was established by Decree 47 of 1971 and amended in 2011. The main objective of the Fund is to generate a pool of indigenous trained manpower to meet the needs of the Nigeria economy.
The applicable rate is 1% of annual payroll cost.
The obligated persons are:
An employer is entitled to a refund of 50% of contributions made if adequate training courses are provided as prescribed by the ITF.
ITF Form 5 with evidence of payment annually not later than 1 April of the following year.
5% of the unpaid amount to be added for each month or part of a month after the date on which payment should have been made.
The contribution is recoverable at any time within 6 years from the due date.
The NHF is established to provide loans to Nigerians for developing, purchasing or renovating houses and encourage housing finance among low and medium-income earners. The Fund provides long term loans to Mortgage Institutions for lending to contributors of the Fund.
The applicable rate is 2.5% of monthly income.
A schedule of payment indicating the amount deducted from each employee and the period covered to be submitted to the Federal Mortgage Bank of Nigeria.
The obligated persons are employers in the public sector, and private employers with 15 or more employees.
Those exempted are:
A monthly schedule showing details of employees’ Retired Saving Account (RSA) PIN and their monthly contributions.
Not later than 7 working days after the payment of employees’ salary.
The Coastal and Inland Shipping (Cabotage) Act restricts the use of foreign vessels in domestic coastal trade with the purpose of promoting indigenous tonnage. The Act establishes a cabotage vessel financing fund.
The rate is 2% of the surcharge of the contract sums earned by vessels engaged in coastal trade in Nigeria.
The Local Content Levy is governed by the Nigerian Oil and Gas Industry Content Development Act (NOGICDA) 2010.
The applicable rate is 1% of contract sum and the levy is to be deducted at source.
The taxable persons are operators, contractors, subcontractors, alliance partners or any entity awarding a contract to another entity for the execution of a project, operation, transaction or activity in the Nigerian oil and gas upstream sector
The minister of petroleum is required to consult relevant arms of government on appropriate fiscal framework and tax incentives, for foreign and indigenous companies that establish facilities, factories, production units or other operations in Nigeria for the purpose of carrying out production, manufacturing or for providing services otherwise imported into Nigeria.
Returns and approval of the Nigerian Content Development and Monitoring Board (NCDMB) is required for contracts above USD 1 million. Specified returns are also required by operators regarding financial services, legal, contracts and procurement, insurance, technology transfer, employment and training, annual performance report.
Payments are made on a periodic basis – monthly, quarterly.
Fine of 5% of contract sum or cancellation of project
The available exemptions and incentives are:
These are income tax exemptions to companies operating in approved industries on their approved products. Pioneer Status Exemptions are governed by the Industrial Development (Income Tax Relief) Act (IDITRA).
The incentives granted under IDITRA are:
The considerations are that:
Application for pioneer status is addressed to the Minister of Industry through the Nigeria Investment Promotion Commission (NIPC) in such form as may be specified by the minister from time to time subject to the approval of the President of the Federal Republic of Nigeria.
There is an application fee of N200,000 for new applicants, due diligence fee of N500,000, Service charge deposit of N2,500,000 and an annual service charge of 1% of actual tax savings payable to the NIPC no later than 30 June (for all applications received from 7 August 2017).
Pioneer companies are mandated to file self-assessment returns to include audited financial statements, tax exempt profits, schedule of fixed assets and self-assessment forms.
The Scheme was enforced by the Executive Order No. 007 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (the Scheme and seeks to encourage private funding of the construction and refurbishment of major road projects in the country. The Scheme is open to any company registered in Nigeria, a pool of companies or institutional Investors. The Scheme is valid until January 2029, being10 years from the commencement date of the Order (January 2019).
The incentives granted under the Scheme are:
The following are the considerations to benefit from the Scheme:
The standard rate of 7.5% of the value of goods and services
A taxable supply takes place where:
A taxable person means an individual or body of individuals, family, corporations sole, trustee or
executor or a person who carries out in a place an economic activity, a person exploiting tangible or intangible property for the purpose of obtaining income therefrom by way of trade or business or a person or agency of government acting in that capacity.A taxable person means an individual or body of individuals, family, corporations sole, trustee or
executor or a person who carries out in a place an economic activity, a person exploiting tangible or intangible property for the purpose of obtaining income therefrom by way of trade or business or a person or agency of government acting in that capacity.
The definition of goods has been updated to include all forms of tangible properties excluding – land, building, money or securities.
Services means anything other than goods, or services provided under a contract of employment, but includes any intangible or incorporeal property over which a person has rights which can be transferred. This excludes – interest in land and building, money or securities.
The definition of “building” excludes any fixtures or structures that can be easily removed from land such as cell towers, television and radio masts, vehicles and transmission lines.
The exemptions are:
They are:
They are:
The due date is the 21st day of the month following the month of transaction. However, Companies appointed by the FIRS to withhold or collect VAT are required to remit the tax by the 14th day of the month following the month of transaction.
They are: