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Taxation in Nigeria


Taxation in Nigeria

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Tax in Nigeria.

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.


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