|
Name of Tax |
Law authoring the tax |
Brief description of the tax |
|
a |
b |
c |
|
Capital Gains Tax |
Capital Gains Tax Act.
Chapter 42.
LFN 1990
|
A 10% tax imposed on Capital Gains
arising from a sale, exchange or other disposition of properties
known as chargeable assets.
|
|
Companies Income Tax |
Companies Income Tax Act
Chapter 60. LFN 1990 |
A tax chargeable on all companies
(other than Companies engaged in petroleum operations as defined
under the PPTA) registered in Nigeria.
|
|
Education Tax |
Education Tax Act
No 7 of 1993 |
A tax chargeable on all companies
registered in Nigeria at 2% of chargeable profits as contribution to
the Education Tax Fund.
|
|
Personal Income Tax |
Personal Income Tax Act
No 104 of 1993 |
A tax payable by all individuals and
registered businesses and partnerships except those registered under
Part A of Companies and Allied Matters Act 1990.
|
|
Petroleum Profits Tax |
Petroleum Profits Tax Act
Chapter 354. LFN 1990 |
Tax charged at 85% of the chargeable
income for companies engaged in petroleum operations as specified
under the Act.
|
|
Stamp Duties |
Stamp Duties
Act
Chapter 411.
LFN 1990 |
Stamp Duty is
Chargeable
according to a
scale fixed by the Joint Tax Board.
|
|
Value Added Tax |
Value Added Tax Act
No 102 of 1993 |
A tax payable by the consumer at 5%
of the net value added based on eligible transactions once consumed.
All registered businesses are
expected to register and have a VAT registration certificate, and
boldly display their VAT registration number on all invoices.
|
|
Withholding Tax |
|
This is not really a tax.
It is an advance payment of tax (at
10%) to which individuals and organizations are entitled to demand a
withholding tax credit note. |