The first #300,000 would be taxed at 7%, which give you #21,000. Then you take this number and apply the tax amounts to it. this means that you get #1,013,461.65 that are tax free.
Lets assume that your other exemptions are the payments to the NPF (8%) and the NHF (2.5%), which add up to #213,461.65. The statutory relief is therefore #800,000. If your gross annual income is #3,000,000. (1% of Gross income or #200,000 + 20% of earned income) Rent and business expenses b ad debt recovered.Dividends and Interests from the quoted companies.Contribution to the National Housing Fund (NHF, 2.5%).Contribution to the National Health Insurance Scheme (NHIS, 5%).Contribution to the National pension fund (NPF, at least 8% income).In PIT, your income consist of Wages and Salaries, Bonuses, Allowances, Compensation Benefits, Pensions, Premiums Business Income, Percentage Ownership, Rent, Fees, Commission, Interest and dividends. If you do not file it in time, you will have to pay fine. You have to file your annual tax return by March 31st each year. The Federal Inland Revenue Service, also collects this tax but only from residents of the Federal Capital Territory as well as what may described as highly mobile federal workers staff of the ministry of foreign affairs, other Nigerians and foreigners outside the country but earning income in Nigeria (non- residents), expatriate workers resident in Nigeria, Police Officers, and Military Officers. Though collection of personal income tax is a federal responsibility, this tax is generally collected by state governments from those that are resident in their various states, regardless of whether they are federal, state, local government, or private sector workers. This is the Tax imposed on individuals who are either in employment or are running their own small businesses, under a business name or partnership. It’s time to show yourself as a confident entrepreneur by using this knowledge I am sharing.
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I’m giving you all you need to know about your personal income tax and how to pay it by yourself on phone. They don’t know what to pay and how to pay. Many business owners run from tax agencies because they do not know what to do about their taxes. One of the biggest and common challenges of small and medium scale businesses in Nigeria is the worry about their PIT. I am passionate about the growth of your business.
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