Nigeria
Taxation in Nigeria
Recent forum posts
-
Types of accidents and sudden illness at work
Hello everyone, Anyone here who is related in education? I got an assignment and i am worried about to complete my task. Does anyone know about "types of accidents and sudden illness at work"
Total Posts: 1 Last post by HarryJkevin91
-
Academic Writing Services
Quality Dissertation is well known for delivering high quality assignment writing help, dissertation writing help, coursework writing help and essay writing help to UK university and college students. Our academic assistance service comes at a very affordable price. With a team of writers, specialised in different subject areas, we are able to assist all students for different field of studies.
Total Posts: 9 Last post by jasminandeson31
Nigeria Tax
Whenever a company is looking to expand overseas, the tax regime of that country is almost as important as anything else.
The tax system in Nigeria, is no more or less complicated than the tax regime in another country, and is subject to change. The services of an accountant in Nigeria are obviously necessary if you are expanding your business to Nigeria.
Headline taxes in Nigeria
As at March 2013 the headline taxes in Nigeria stand at:
Income and Education Tax:
30% total profit (income tax)
2% assessable profit (education tax)
The above is payable by all businesses in Nigeria with the exception of the oil and gas sector.
Capital gains tax – 10%
VAT - 5%
Import taxes range between 5 - 75% dependent.
Local taxes may vary according to state – there are 36 states in Nigeria.
The above are the headline taxes, and are for general reference only.
Incentives for foreign companies looking to do business in Nigeria
Currently in Nigeria, the government is promoting various incentives to attract foreign investment.
These, briefly include:
Pioneer Status : up to 100% relief on tax for companies that produce “Pioneer Products”
Concessions where companies use local raw materials in production.
Tax incentives for labour intensive industry.
Tax incentives are also available where companies contribute to local infrastructure, training, or invest in disadvantaged areas. They are also available for research and development projects.
There are also Export Free Zone Enterprises, as well as tax holidays for export related industry.
A Nigerian accountant will furnish companies looking to invest in Nigeria with more detailed information.