Are you wondering what the income tax rate in Nigeria is like? As an international ex-pat or foreigner who just intends to move to Nigeria for work purposes and is eager to know about the tax income calculator in Nigeria, then this page is designed for you. Search no further!
Nigerian income tax calculator and income tax rate lies as a critical factor in maintaining a healthy economic status in Nigeria as it keeps you ahead and helps you make good financial decisions, especially as a citizen of Nigeria.
What percentage of salary is tax in Nigeria? What is the minimum salary to pay income tax in Nigeria What is the rate of tax on salary? What is the minimum tax rate in Nigeria?
Nigerian Cooperate organizations and enterprises are also expected to pay a corporate income tax at a certain rate stipulated by the Nigerian tax regulatory authorities.
In this article, we will be enlightening through all you need to know about the Nigerian Income tax, company income tax in Nigeria, personal income tax in Nigeria, income tax in Nigeria for ex-pats, and most frequently asked questions about the 2022 income tax rate in Nigeria. Let’s get going!
Personal Income Tax in Nigeria 2022.
Do you ever wonder who collects the personal income tax in Nigeria and at what rate these incomes are charged? Don’t worry! We have the answers for you.
Below is the updated Nigeria 2022 personal income rate. They include:
7% on every 0- 300,000NGN
15% on every NGN300,001- NGN500,000
19% on every NGN500,001- NGN6,000,000
21% on every NGN 6000001- NGN 32000000
24% above NGN 32000000
How much Tax is deducted from Salary in Nigeria?
Nigeria’s tax system adopts a pay as you earn system( PAYE), which is quite progressive and operates within the rates of 7% to
Company and Cooperate Taxes in Nigeria 2022.
In Nigeria, every business both small and corporate business is expected to pay tax. The corporate tax system in Nigeria over time has changed its tax rate. However, the current tax rate for companies in Nigeria is 30% for companies who make over 100Million as their turnover rate and 20% for businesses with a turnover rate between 25Million and 100Million.
Do foreigners pay tax in Nigeria?
Foreigners and international expats in Nigeria who have a residency permit in Nigeria are expected to pay , irrespective of if they stay in the country for more than 183 days.
Who can pay tax in Nigeria?
Wondering who is eligible to pay tax in Nigeria? Well, here are the criteria
- People who live permanently in Nigeria
- Foreigners in Nigeria that have stayed a minimum of 183days, not necessarily consecutive
- You work or own an establishment in Nigeria
- You own properties or assets in Nigeria etc
- Importers and exporters in Nigeria
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