Personal Income Tax Rates

Chargeable Income Rates Tax on Cummulative Cummulative

Profit Band Charge Profit Tax

First 30,000.00 5.00% 1,500.00 30,000.00 1,500.00

Next 30,000.00 10.00% 3,000.00 60,000.00 4,500.00

Next 50,000.00 15.00% 7,500.00 110,000.00 12,000.00

Next 50,000.00 20.00% 10,000.00 160,000.00 22,000.00

Over 160,000.00 25.00% 0.00 0.00 0.00

Personal Relief's (S.33)

Title Description

Personal Allowance N5,000 plus 20% Earned income

Children Allowance N2,500 per child (Limited to 4 children)

Dependent Relative N2,000(max for 2)

Allowance

Life Assurance Relief Allowances are given in respect of premium paid by the taxpayer on policies taken out of
(LAR) the life taxpayer.

Corporate Withholding Tax

Description Rate

Dividend, Interest & Rent 10.00%

Royalties 10.00%

Commissions, Consultancy, Technical & Management 10.00%

Construction 5.00%

All types of contacts and agency arrangements, other than

 Description Rate

Sales in the ordinary course of business 5.00%

Directors� Fees 10.00%

Company Income Tax Rates

Period Breakdown

1st April 1961 - 31st March 40% plus super tax. (Super tax was payable under certain circumstances)
1972

1st April 1972 - 31st March 40% on the first N10, 000 plus 45% on the excess Over N10, 000
1975

1st April 1975 - 31st March NIL on the first N6, 000 plus 40% on the excess over N6,000
1976

1st April 1976 - 31st March NIL on first N6, 000 plus 45% on the excess over N6,000
1978

1st April 1978 -31st March NIL on the first N6, 000 plus 50% on the excess 6,000 10% special levy payable on
1979 banks excess profit

1st April 1979 � 31st March 45% 10% Special levy payable by banks
1986

1st Jan 1987 � 31st Dec. 40% 20% Small business rate with effect from 1988 10% Special levy payable on banks
1988 excess Profit

1st Jan 1989 � 31st Dec. 40% 20% Small business rate with effect from 1988 10%Special levy payable on bank
1990 excess profit

1st Jan.1991 � 31st Dec. 40% 20% Small business rate. Special levy abolished by decree 63 of 1991
1991

1st Jan 1992 � 31st Dec. 35% (Decree changing rate from 40%- 35% was passed in 1993)
1992

1st Jan.1993 � 31st 35% 20% Small business rate 2%Educational Tax
Dec.1995

1st Jan 1996 � Date (2008) 30% 20% Small business rate 2%Educational Tax