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Tax Data Card

Nigeria
2015
2015 TAX DATA CARD

Content Page

Companies Income Tax 2

Petroleum Profit Tax 12

Tertiary Education Tax 17

Information Technology Tax 18

Capital Gains Tax 19

Withholding Tax 21

Value Added Tax 23

Personal Income Tax 26

Pension Contribution 30

Industrial Training Fund Contribution 33

Employee Compensation Scheme 34

National Housing Fund Contribution 35

Customs and Excise Duties 36

Stamp Duties 39

Luxury Tax 41

PwC Tax Academy 2015 - Schedule of Topics and 42

Venues

PwC i
Introduction
This publication is a summary of the major tax laws in Nigeria,
prepared for general purpose only. It is not a replacement for specific
advice. We accept no liability for any action taken or not taken based
on the contents of the publication.

Except otherwise indicated, references to tax laws in this publication

are from the Laws of the Federation of Nigeria (LFN) 2004 as
amended.

The average exchange rate used is US$1 = N200

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1. COMPANIES INCOME TAX (CIT)
CIT is levied on profits accruing in, derived from, brought into or
received in Nigeria. The principal law is the Companies Income Tax Act
(CITA).

Company 30%
income tax rate
[S 40(1)]
Small company 20%.
tax rate
[S 40(6)] Applicable to agricultural, manufacturing
companies and companies engaged wholly in
export, within the first five years of operation, and
where the turnover does not exceed N1 million
(circa US$ 5,000).
Company liable Any company doing business in Nigeria, whether
[S 9(1)] resident (registered in Nigeria) or non-resident
(foreign company registered outside Nigeria).
Taxation of Non-resident companies are liable to tax on the
Nonresident profit or income derived from Nigeria. Generally,
companies the Federal Inland Revenue Service (FIRS)
[S 30] applies a deemed profit rate of 20% on turnover
derived from Nigeria.

Generally, the Federal Inland Revenue Service

(FIRS) applies a deemed profit rate of 20% on
turnover derived from Nigeria. This is then taxed
at the corporation tax rate of 30%, resulting in an
effective tax of 6% of turnover.

With effect from 2014 tax year (financial year

2013), the FIRS has indicated that non-resident
companies should file full tax returns to include
audited financial statements and tax
computations based on actual profits.

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 Taxable A resident company is liable to tax on its
income worldwide income being its profits accruing in,
[S 9, 13] derived from, brought into or received in Nigeria.
A non-resident company is liable to tax on its
income derived from Nigeria, that is, income
attributable to its Nigerian operation.

Basis of The basis of assessment for both resident and non-

assessment resident companies is preceding year basis. This
[S 29] means tax is charged on profits for the accounting
year ending in the preceding year of assessment.
For example, if a company makes up its accounts
to 31 December each year, in 2012 tax year, it will
be assessed to tax on the profits computed for the
accounting year ended 31 December 2011.
Different rules apply during commencement of
business, change of accounting date and cessation.

Minimum tax Minimum tax is imposed where a company has

[S 33(1),(2)] no taxable profit or the tax payable is less than the
minimum tax computed as follows:
The highest of:
 0.5% of gross profit
 0.5% of net asset
 0.25% of paid up share capital
 0.25% of turnover up to N500,000
Plus
 0.125% of turnover in excess of N500,000.

Exemption A company is exempted from minimum tax if it

from meets any of the following conditions:-
minimum tax  It is still within its first four calendar years of
[S 33(3)] business
 It has at least 25% of its paid up capital as
imported equity
 It carries on agricultural trade or business

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 Excess Where a company pays dividend from profit on
dividend tax which tax is not payable because:-
[S 19]  It has no taxable profit; or
 Its taxable profit is less than the dividend paid;
The company would be charged to tax on the
dividend declared or paid as if the dividend is the
total taxable profit of the company for the
relevant year of assessment.

Due date for Within 6 months of the company's accounting

filing income year end. A new company must file its returns
tax returns within 18 months from the date of incorporation
[S 55(2)] or 6 months after its first accounting period,
whichever is earlier. In practice, tax returns may
be delayed until the first working day of the
following calendar year for companies with
financial year end date between January and 30
June. This is to align the tax returns with the
relevant fiscal year.

Due date for 2 months from the filing due date in case of a
payment of lump sum payment or in such instalments as may
CIT be approved by the FIRS, not exceeding three
[S 77(5)] instalments. In the case of instalments, evidence
of payment of the first instalment must be
submitted along with the tax returns.

Payment may be delayed until the first working

day of the following calendar year for companies
with financial year end date between January and
30 June.

Offences and Late filing of returns

Penalties Failure to file tax returns attracts a penalty of
[S 55(3)(5), N25,000 for the first month in which the failure
85(1)] occurs and N5,000 for each subsequent month in

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 which the failure continues. Upon conviction, the
responsible officer of the company may be liable
to a fine of N100,000 or 2 years imprisonment or
both.

Late payment or non-payment of tax

Penalty is 10% of the amount of tax payable and
interest at the monetary policy rate (MPR)
currently at 13% plus a spread to be announced
by the Finance Minister. No spread has been
announced by the Minister but the FIRS issued a
public notice in 2014 (when MPR was 12%)
stating that interest will be charged at the rate of
15%.
Statute of The tax authority may issue additional assessment
limitation within six years from the relevant tax year.
[S 66] However, the limitation does not apply in the
event of a fraud, wilful default or neglect by the
company.

Transfer The tax authorities are empowered to adjust

Pricing transactions considered to be artificial between
Regulations/ related parties.
General Anti-
Avoidance Transfer Pricing (TP) regulations were released in
Rules August 2012 to complement the general anti-
avoidance provisions in the various tax laws
[TP (CITA, PITA and PPTA). The regulations are
Regulations/ applicable to accounting periods commencing
S22 (CITA)]
after August 2012.

The TP regulations require every affected

company to complete and submit declaration and
disclosure forms that describe its related party
transactions during an assessment period. It also

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 requires companies to prepare TP documentation
which demonstrates the bases for the pricing of
related party arrangements and how they comply
with the arm's length rule.

The Nigerian TP Rules are in line with the OECD

and the UN models.

International The FIRS issued a circular on IFRS adoption dated

Financial March 2013. Based on the circular, taxpayers are
Reporting required to file the following schedules with their
Standards tax returns:
(IFRS)
Adoption  A reconciliation of NGAAP to IFRS transition
adjustments including analysis of tax impacts
(first time adopters only)
 Analysis of deductible and non-deductible
impairment charges
 Breakdown and reconciliation of
componentised assets to non-current assets
under NGAAP
 Tax re-computation showing the impact of
changes in estimates, accounting policies or
errors
 Deferred tax computation and analysis
 Schedule of taxed provisions and unrealised
exchange differences
 Schedule of items with different tax bases
under IFRS.

Capital Allowances [Schedule II (CITA)]

Capital allowances are granted on tangible non-current assets in lieu
of accounting depreciation. Other than research and development,
intangible non-current assets are generally not regarded as
qualifying capital expenditures for capital allowance purpose.

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However, based on the recent circular by the FIRS on IFRS adoption,
the amortisation of most intangible assets over their useful lives is
tax deductible (with the exception of internally generated intangible
assets, and intangible assets that have indefinite lives)
The applicable rates on qualifying assets are stated below:
Qualifying Expenditure
Buildings (Industrial & Non-Industrial) 15 10
Mining 95 NII
Plant:
 Agricultural Production 95 NII
 Others 50 25
Furniture and Fittings 25 20
Motor Vehicles
 Public transportation 95 NII
 Others 50 25
Plantation Equipment 95 NII
Housing Estate 50 25
Ranching and Plantation 30 50
Research and Development 95 NII

Investment Allowances
 This is granted at the rate of 10% to companies that incur
expenditure on plant and equipment. Investment allowance is
calculated on cost and is granted in the year of assessment in
which the asset is first put into use. It is not taken into account
in determining the tax written down value of the asset.
 Separate investment tax relief is available to business which
are located not less than 20km away from the following
facilities on infrastructure costs at the rates below:

No facilities at all 100%

No electricity 50%
No water 30%
No tarred (paved) road 15%

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 Tax reliefs and incentives

Tax Treaties [S 45 (CITA)]

Nigeria currently has in-force double tax treaty for taxes on income
and capital gains with Belgium, Canada, China, Czech Republic,
France, Netherlands, Pakistan, Philippines, Romania, Slovakia,
South Africa, and the United Kingdom. There is a shipping and air
transport double taxation agreement with Italy.

Nigeria has pending double tax treaties with Mauritius, Kenya,

Poland, South Korea, Spain and Sweden which are yet to be
concluded or ratified.

Unilateral tax relief is available by way of deduction for income tax

suffered on foreign profits.

Nigeria is a party to the following multilateral treaties:

 1975 ECOWAS Treaty
 1931 League of Nations Motor Vehicle Convention and Final
Protocol
 1961 Vienna Convention on Diplomatic Relations
 1969 Vienna Convention on the Law of Treaties
 1997 Draft Protocol on the ECOWAS Value Added Tax (pending)
 1997 Draft Protocol on the ECOWAS Community Levy (pending)

Common wealth tax relief [S 44 (CITA)]

Available in respect of profits earned from a commonwealth

country which is also liable to tax in Nigeria provided that the
Commonwealth country has a similar tax relief in place.

In respect of a Nigerian company, the relief to be granted is 50% of

the *commonwealth tax rate subject to a limit of 50% of the
Nigerian tax rate.

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 In respect of a nonresident company, the relief is 50% of the
commonwealth tax rate provided it is not more than 50% of the
Nigerian tax rate otherwise the relief is the rate by which the
Nigerian tax rate exceeds 50% of the commonwealth tax rate.

*Commonwealth tax rate means the income tax rate applicable in the
relevant commonwealth country to which the tax relief relates.

Gas Utilisation Incentives [S 39 (CITA)]

Companies engaged in gas utilisation (downstream operations)

are granted the following incentives:-

 Tax free period of 3 years which may be renewed for a further 2

years or 35% investment allowance.
 Additional investment allowance of 15% if the tax free period
option is adopted.
 Accelerated capital allowance after the tax free period.
 Tax free dividend during the tax free period under certain
conditions.

Tax Waiver on Bonds

[Companies Income Tax (Exemption of Bonds and Short Term
Government Securities) Order 2011]

The following are exempt from companies income tax for 10 years
effective from 2 January 2012:

1. Short term Federal Government securities such as Treasury

Bills and Promissory Notes:
2. Bonds issued by Federal, State and Local governments and their
agencies;
3. Bonds issued by corporate and supra-nationals; and
4. Interest earned by holders of bonds and securities listed above.

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 Pioneer Status exemption
[Industrial Development (Income Tax Relief) Act (IDITRA)]

The objective of the pioneer status relief is to grant corporate

income tax exemption to companies involved in certain industries:

1. That are not being carried on in Nigeria or are not being carried
out on a suitable scale to the economic requirements of the
country;
2. That have favourable prospects of further development in
Nigeria of such industry; or
3. If the industry or product is deemed to be beneficial for public
interest.

The incentives granted under the IDITRA include:

 Exemption of profits from Companies Income Tax during the

tax holiday. The tax free period is for three years initially, and
can be extended for another two years subject to satisfactory
performance of the business
 Exemption of dividend distributed from pioneer profits from
withholding tax
 Capital allowances and tax losses are suspended during the
pioneer period and available to be utilised against taxable profit
after the pioneer period.

A service charge of 2% based on projected tax savings is payable to

the Nigerian Investment Promotion Commission during
application - [Pioneer Status Incentive Regulations 2014].

Public Infrastructure and Employment Relief

[Companies Income Tax (Exemption of Profit) Order, 2012]

The commencement date is 27 April 2012 and will last for 5 years
subject to the specific conditions under each incentive.

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 1. Public infrastructure incentive: 30% of the cost of infrastructure
of a public nature will be granted as a tax deductible expense.
To qualify, the infrastructure should be completed and available
for public use, except where impracticable or an exemption is
obtained from the Ministry of Finance.

2. Employing generation incentive. Tax deduction of the lower of

5% of assessable profit or new employees' salaries can be
claimed. To qualify, a company must have a minimum net
employment of ten staff in an assessment period. At least 60% of
the net employment should relate to new graduates.

3. Staff retention incentive: Tax deduction of 5% of assessable

profits is available. To qualify, a company must have a minimum
net employment of 5, and must have retained the employees for
at least 2 years from the year of assessment when they were first
employed.

Net Employment: means the difference between incoming and

outgoing employees of the company in an assessment period.

Export Processing Zones (EPZ) Reliefs

[Nigerian EPZ Act (NEPZA) and ancillary regulations], S35(CITA)

These are zones designed to grant incentives to export oriented

companies, mostly in the manufacturing sector. The following are
some of the tax incentives granted to an approved enterprise
operating within any of the zones:

 Tax holiday from all Federal, State and Local government taxes,
rates, customs duties and levies, arising from operations within
the zone.
 Duty and tax free import of raw materials and components for
goods destined for re-export.
 Waiver of all import and export licenses.

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2. PETROLEUM PROFITS TAX (PPT)

PPT is levied on the income of companies engaged in upstream

petroleum operations. A new tax regime will take effect upon
the passage of the Petroleum Industry Bill.

Rates  85% for petroleum operations carried out

[S 21(1)(2), under a Joint Venture (JV) arrangement with
22 (2)] the Nigerian National Petroleum Corporation
(NNPC) or any non-Production Sharing
Contract (PSC) over 5 years
 65.75% for non PSC operation in its first 5
years during which the company has not fully
amortised all pre-production capitalised
expenditure
 50% for petroleum operations under
Production Sharing Contracts (PSC) with the
NNPC.

Returns  Tax is payable on actual year basis

[S 30(2), 33]  Estimated tax returns must be filed within two
months of the fiscal year (which runs from
January 1st to December 31st)
 Actual tax returns must be filed within five
months after the end of the accounting period,
that is, not later than 31 May.

The holder of an Oil Prospecting License (OPL) or

an Oil Mining Lease (OML) is required to pay
royalties to the Federal Government as soon as
production begins. This is usually in form of
monthly cash payments at the prescribed rate or
by way of royalty oil.

The rates are:

In respect of JV Operations

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 Area Rate (%)
Royalties
[Petroleum Onshore production 20
Drilling &
Production Offshore production up to 100 18.50
Regulations - metres water depth
S 61(1)(a)] Offshore production beyond 16.66
100 metres water depth

In respect of PSCs the royalty rates

applicable are graduated according to the
depth of water from which the oil is mined.
These are:

[Deep Offshore Area Rate (%)

& Inland Basin
Production In areas from 201 to 500 metres 12
Sharing water depth
Contracts Act In areas from 501 to 800 metres 8
(1999)- S 5] water depth
In areas from 801 to 1,000 4
metres water depth
In areas in excess of 1,000 0
metres water depth

Investment Petroleum Investment Allowance (PIA) is

allowance granted to a petroleum company in the first year a
Qualifying Capital Expenditure (QCE) is incurred.
[Schedule II The following PIA rates are applicable to
(Paragraph 5) companies in JV operation:
of PPTA]

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 [Schedule II QCE for Rate (%)
(Paragraph 5) Onshore operations 5
of PPTA] Offshore operations:
Up to and including 100m of 10
water depth
Between 100m and 200m water 15
depth
Beyond 200m water depth 20

PSC operators are entitled to Investment Tax

Credit (ITC) at 50% of QCE for PSC executed
prior to July 1998 and PIA of 50% for PSC
executed with effect from July 1998.

Annual Annual Allowance is granted in addition to PIA, in

allowance lieu of depreciation. The current rates are 20% for
[Schedule II all categories of QCE in the first four years and
(paragraph 6) 19% in the fifth year. The balance of 1% is
of PPTA] retained in the books until the QCE is disposed.

Tax In addition to investment allowances, the

Incentives following incentives are available to upstream
[S 55, 10(h) companies:
and 11(1) of  Dividend distribution is not liable to
PPTA, the withholding tax.
Deep Offshore  Graduated royalty rates and lower PSC tax
PSC Act] rates to encourage offshore production
 Tertiary Education Tax is treated as a tax
deductible expense for petroleum companies
 Gas income is taxable at CITA rate of 30%
while capital investment for gas are deductible
as capital allowances against crude oil income
at the higher PPT rate.

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 Due date for Payable in 12 equal monthly instalments with a
payment of final 13th instalment (if there is an
PPT underpayment). The first instalment for the year
[S 45] is due by the end of March.
Penalties  Late submission of returns: Initial penalty of
[S 46(1)a,51] N10,000 and N2,000 for each day such failure
continues
 Late payment of tax: 5% of the tax payable

Statute of The tax authority may carry out tax audit and
Limitation issue additional assessment within six years from
[S 36] the relevant tax year. However, the limitation
does not apply in the event of a fraud, wilful
default or neglect by the company.

Petroleum Legislative process is on-going to combine 16

Industry different petroleum laws into a single document
Legislation called the Petroleum Industry Bill. When passed,
the law will replace the current PPT regime with
Hydrocarbon Tax and Company Income Tax.

Local The Nigerian Oil and Gas Industry Content

Content Development Act 2010 otherwise known as the
[S 104(2) of Local Content Act, was enacted to provide for the
the NOGICDA development of Nigeria Content in the oil and gas
2010] industry. The Act imposes a levy of 1% on every
contract awarded to any operator, contractor,
subcontractor, alliance partner or any other entity
involved in any project, operation, activity or
transaction in the upstream sector of the Nigeria
oil and gas industry.
NDDC Levy The Niger-Delta Development Commission
[S 14, NDDC (Establishment etc) Act (NDDC Act), was enacted
Act, 2000] to formulate policies and guidelines for the
development of the Niger-Delta area. The Act

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 imposes a levy of 3% of the total annual budget of
any onshore and offshore oil producing company
operating in the Niger-Delta area, including gas
processing companies.
Cabotage The Coastal and Inland Shipping (Cabotage) Act
Surcharge levies a surcharge of 2% of the contract sums
[S 43, Cabot- earned by vessels engaged in coastal trade in
age Act, 2003] Nigeria. The Act also imposes a charge as
determined and approved by the National
Assembly.

Oil and Gas This Act governs the Oil and Gas Free Zone
Free Zone Act (OGFZ) located in the Onne/lkpokiri area of
[S 1, 2 & 18 of Rivers State, and is administered by the OGFZ
the OGFZA ] Authority. It grants certain incentives to approved
entities conducting approved activities within the
zone. The exemptions granted are similar to those
as provided for in NEPZA.

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3. TERTIARY EDUCATION TAX

Tertiary Education Tax is payable by all Nigerian companies and

is levied on assessable profit, that is, tax adjusted profit before
capital allowances. The relevant law is the Tertiary Education
Trust Fund (Establishment etc) Act 2011.

Rate [S 1(2)] 2%

Exemption Non-resident companies and all unincorporated

[S 1(2)] entities are exempted from Tertiary Education
Tax.
Due date for There is no specific filing requirement. However,
filing in practice, the tax is self-assessed and filed
Education together with company income tax.
Tax Returns
Due date for Based on the Tertiary Education Tax Act, the FIRS
payment of is required to issue assessments for the tax which
Education must be paid within 60 days of the service of
Tax notice of assessment. In practice, the tax is self-
[S 2(2)] assessed and paid 6 months after the accounting
year end date.
Penalty for 5% of the tax, in addition to the principal tax, for
non- failure to pay after 2 months of service of
compliance assessment notice.
[S 10(2)(3),
11(1)] If after 2 months of service of assessment notice
for the unpaid tax plus the 5% penalty on the
company, the failure to pay still continues, the
following additional penalties shall apply:
 First offenders – N10,000 or imprisonment for a
term of 3 years;
 Second or subsequent offenders – N20,000 or
imprisonment for a term of 5 years or both.

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 Statute of The FIRS may raise additional assessment within
Limitation six years from the relevant year of assessment.
[S 36 of CITA] However, in the event of a fraud, wilful default or
neglect by the company, the statute of limitation
will not apply.

4. INFORMATION TECHNOLOGY (IT) TAX

IT Tax is payable by specified companies with turnover of N100

million and above. The tax when paid is tax deductible for
company income tax purposes. The tax is governed by the
National Information Technology Development Act (NITDA)
2007.

Rate 1% of Profit Before Tax

[S 12(2)(a)]

Entities liable  GSM service providers and all

[Schedule III] telecommunications companies;
 Cyber companies and internet providers;
 Pension managers and pension related
companies;
 Banks and other financial institutions; and
 Insurance companies.

Returns and IT Tax is assessed by the FIRS and is payable

Payment within 60 days of service of a notice of
[S 16(3)] assessment.

Penalty for 2% of the tax payable.

non-
compliance
[S 16(4])

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5. CAPITAL GAINS TAX (CGT)

CGT is applied on capital gains accruing to any person (company

or individual) making a chargeable disposal of assets.

Rate [S 2(1)] 10%

Chargeable  Options, debts and incorporeal property
assets generally
[S 3, 32]  Any currency other than Nigeria currency
 Any form of property created by the person
disposing of it , or otherwise coming to be
owned without being acquired
 Goodwill
 Copyrights
 Buildings
 Chattels etc
Exempt These include gains from disposal of shares and
assets and stocks, Nigerian government securities, life
gains assurance policies, main residence or dwelling-
[S 27 – 31, house of an individual, compensation for wrong
32A – 33, 35 - or injuries suffered by an individual, mechanically
39 ] propelled road vehicles for the carriage of
passengers (except those not suitable for private
use), and decorations awarded for valour or
gallant conduct.
Allowable  Initial cost of the asset;
deductions  Stamp duties;
[S 14]  Cost of enhancing the value of the asset;
 Expenditure incurred in establishing,
preserving or defending the title to, or right
over the asset;
 Incidental expenses for the purpose of
acquiring or disposing of the assets, such as
fees, commission or remuneration paid for
professional services of any surveyor, or valuer,

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 or auctioneer, or accountant, or agent, or legal
adviser and cost of transfer or conveyance; and
 Cost of advertisement to find a seller during
acquisition and advertisement cost to find a
buyer during disposal.

Non  Premiums paid under a policy of insurance

Allowable taken against any risk, or damage to, or injury
deductions to, or depreciation of or loss of an asset.
[S 15, 16]  Expenses that are deductible under Companies
Income Tax Act or Personal Income Tax Act
Relief Rollover relief can be claimed where proceeds of
[S 32] disposal are used to purchase a new asset of the
same class as the disposed asset. The new asset
must be acquired (or an unconditional contract
for its acquisition formed) within twelve months
before or twelve months after the disposal of the
old asset.

The classes of the assets eligible for relief are as

follows:
Class 1:
1A - (i) Building (ii) Land
1B - Plant or Machinery which does not form
part of the building
Class 2 - Ships
Class 3 - Aircraft
Class 4 - Goodwill
Statute of 6 years after the end of the year of assessment in
Limitation which that gain accrues.
[S 42(3)]

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6. WITHHOLDING TAX (WHT)

WHT is an advance payment of income tax deductible at source on

specified transactions. It can be applied as tax credit against
income tax liability. The relevant provisions are in the CITA, PITA,
PPTA, and WHT Regulations.

Transactions Companies Individuals

Rates Dividend, interest & rent 10% 10%

[CITA S 78- Royalties 10% 5%
81, PITA S
68–72, and Hire of equipment, motor 10% 10%
vehicles, plants, and
WHT machinery
Regulations]
Commission, consultancy, 10% 5%
technical and management
fees, legal fees, audit fees,
and other professional fees
Building, construction and *2.5% 5%
related activities
All types of contracts and 5% 5%
agency arrangements, other
than sales in the ordinary
course of business
Directors' fees N/A N/A

*The 2.5% WHT rate does not apply on activities

relating to survey, design and deliveries
performed by companies.

The rate of WHT on dividend, interest and royalty

is reduced to 7.5% when paid to a corporate
recipient resident in a treaty country. In the case
of individuals, 7.5% is applied on dividend and
interest and 5% on royalty.

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 Deduction Persons required to deduct WHT are all
Requirement companies, and organisations or establishments
[CITA S 78- approved for the operation of Pay-As-You-Earn
81, PITA S (PAYE) scheme.
68–72, and
WHT
Regulations]

Due date for In the case of WHT deducted from companies,

remitting remittance is due to the Federal Inland Revenue
WHT Service (FIRS) within 21 days after the duty to
[CITA S.82 deduct WHT arose.
PITA S.74]
In the case of WHT deducted from individuals and
unincorporated entities, remittance is due to the
State Internal Revenue Service (SIRS), within 30
days after the duty to deduct WHT arose.

For FIRS WHT, the schedule of WHT deducted

must be submitted in electronic form and must
contain specific information such as the Tax
Identification Number (TIN) of the various
suppliers from whom the tax has been deducted.

 Failure to remit WHT due to the FIRS: a penalty

Penalties
of 10% per annum and interest at Central Bank
[CITA S.85
rate (13% as at Q1 2015).
PITA S.74
 Failure to remit WHT due to SIRS: a fine of
FIRS Act S.40]
N5,000 or 10% of tax due, whichever is higher,
in addition to the principal tax due and interest
at the bank lending rate (currently up to 21%).

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7. VALUE ADDED TAX (VAT)

VAT is chargeable on the supply of taxable goods and services

except items specifically stated as exempt or zero-rated. The
relevant law is the VAT Act.

Standard 5%
rate [S 4]

VAT The following are required to deduct VAT on their

deduction at incoming invoices and remit to the FIRS:
source
[S 13(2)]  Oil and gas companies including oil service
companies
 Government, government agencies and
departments
 Resident entities in respect of transactions with
non-residents.

Zero Rated  Non-oil exports

Goods &  Goods and services purchased by diplomats
Services  Goods purchased for humanitarian donor-
[S 4,Schedule] funded projects.

Exempted  Oil exports

Goods  Medical and pharmaceutical products
[S 3,  Basic food items
Schedule I]  Books and educational materials
 Baby products
 Plant, machinery and goods imported for use in
the export processing zone or free trade zones
 Plant, machinery and equipment purchased for
utilization of gas in downstream petroleum
operations
 Transactions, ploughs and agricultural
implements purchased for agricultural
purposes

PwC Nigeria Tax Card 23

 Exempt  All export services
Services  Medical services
[S 3,  Services rendered by community banks and
Schedule I] mortgage institutions
 Plays and performances by educational
institutions as part of learning.
Exemption by Additional exemption granted by the Minister of
Policy Finance through Fiscal Policy Measures in line
[Fiscal Policy with section 34 (b) of the VAT Act:
Measures  Locally manufactured biscuits
(2007), VAT  Plant, machinery and equipment (including
Exemption steel structures) for the manufacture of cement
Order (2011), and allied products
VAT  Vegetable oil
(Exemption  Motorcycle (CKD)/Bicycle (SKDs) and their
ofCommission spare parts
on Stock  Corporate bonds and government securities (10
Exchange years from 2 January 2012)
Transactions)  Commissions on transactions in the Nigerian
Order, 2014. Stock Exchange effective from 25 July 2014
with respect to commissions earned on the
traded value of the shares, commissions
payable to the Securities Exchange Commission
(SEC), Central Securities Clearing System
(CSCS), and the NSE. The exemption is valid
for 5 years from 25 July 2014.
Recoverable Allowable input tax is restricted to goods
Input VAT purchased or imported directly for resale and
[S.17] goods which form the stock-in-trade used for the
direct production of any new product on which
the output VAT is charged.
VAT on fixed assets/capital items, overhead,
service and general administration expenses are
not claimable as input VAT. Rather they should be
capitalised or expensed as the case may be.

PwC Nigeria Tax Card 24

 VAT Excess input VAT may be carried forward as credit
refund/carry against future VAT payable. Alternatively, the
forward FIRS Establishment Act (FIRSEA) provides for a
[S 16 VAT cash refund on application within 90 days of FIRS
Act, S23 decision subject to appropriate tax audit.
FIRSEA]
Registration Residents – Immediately on commencement of
[S 8, 10] business.
Non Residents – A non-resident company that
carries on business in Nigeria is required to
register for VAT before issuing its first invoice,
using the address of the Nigerian customer with
whom it has a subsisting contract.

Due date for 21st day of the month following the month of
filing VAT transaction.
Returns
[S 12]

Penalties  Failure to register for VAT: N10,000 for the first

month and N5,000 for every subsequent month
in which the default continues. [S.32]
 Failure to issue tax invoice: Fine of 50% of the
cost of the goods or services for which tax
invoice was not issued. [S.29]
 Failure to collect VAT: penalty of 150% of the
amount not collected plus 5% interest above
the Central Bank of Nigeria Monetary Policy
Rate. [S.34]
 Failure to submit returns: Fine of N5,000 for
every month in which the failure
continues.[S.35]
 Failure to remit VAT: 5% per annum of the
amount of tax not remitted plus interest at bank
lending rate. [S.19]

PwC Nigeria Tax Card 25

  Failure to keep proper records: N2,000 for
every month in which the failure continues.
[S.33].

8. PERSONAL INCOME TAX (PIT)

Individuals including employees, Partnerships and

Unincorporated Trusts are liable to tax under this act.

Rate PIT rate is applied on a graduated scale on taxable

[Schedule 6] annual income as set out below:
First N300,000 7%
Next N300,000 11%
Next N500,000 15%
Next N500,000 19%
Next N1,600,000 21%
Above N 3,200,000 24%

Note: As a result of the consolidated relief

allowance of at least 21% of gross income, the top
marginal tax rate is 18.96% for income above
N20 million as only 79% of income is taxed at
24% while for income below N20 million the top
marginal rate is 19.2%. (See reliefs and
allowances below).

Minimum Minimum tax is computed at 1% of an individual's

tax gross income. This is applicable where actual tax
[Schedule 6] payable using the above table results in less than
1% of gross income.

Basis of Business income

liability PIT is applicable on the business income earned
[S 6, 10] by individuals, partnerships, trusts and other
unincorporated entities which have an

PwC Nigeria Tax Card 26

 identifiable place of operation in Nigeria. Other
conditions that create an exposure to PIT include:

 the individual, executor or trustee habitually

operates a trade or business through a person
in Nigeria authorised to conclude contracts on
his behalf;
 the trade or business in Nigeria involves a
single contract for surveys, deliveries,
installations or construction;
 the trade or business is carried out in a manner
which in the opinion of the relevant tax
authority is deemed to be artificial.

The PIT so determined will be payable to the

relevant state tax authority where the
individuals, partnerships, trusts or other
unincorporated entities is resident.

Employment Income
In the case of employment income, a person is
liable to tax on such income in Nigeria under two
criteria:

Basis of 1. If the duties of his employment are wholly or

liability partly performed in Nigeria, unless:
[S 6, 10]
 the duties are performed on behalf of an
employer who is in a country other than
Nigeria, and the remuneration of the employee
in not borne by a fixed base of the employer in
Nigeria; and
 the employee is not in Nigeria for a period or
periods amounting to an aggregate of 183 days
or more inclusive of annual leave or temporary
period of absence in any twelve month period ;

PwC Nigeria Tax Card 27

 and
 the remuneration of the employee is liable to
tax in that other country under the provisions
of the avoidance of double taxation treaty with
that other country.

2. If the employer is in Nigeria or has a fixed base

in Nigeria.

Employers'  Employers are required to deduct and account

Obligations for personal income tax on the employment
[S 81, income of their employees through the Pay-As-
Operation of You-Earn (PAYE) system.
PAYE  PAYE tax must be remitted on or before the
Regulations 10th day of the month following the payment
2002] of salary (e.g. PAYE tax deducted from January
salary should be remitted by 10th of February).

Reliefs &
Consolidated Higher of N200,000 or 1% of
Deductions relief gross income plus 20% of gross
allowance income*
[S 33,
Schedule 6] Child N2,500 for each child up to a
allowance maximum of four children,
provided that none is above 16
years or married. However, a
relief can be granted for a child
over 16 years if the child is in a
recognised school, under
artisanship or learning a trade.

Dependent N2,000 for each dependent

relative relative up to a maximum of two
relatives who are widowed or
infirm.

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 Deductions NHF contribution, National
allowed Health Insurance Scheme, Life
Assurance Premium, National
Pension Scheme and Gratuities.

Reimburse Expenses incurred in the

ments performance of employment
duties from which it is not
intended that the employee
should make any gain or profit.
Interest and Interest income earned from debt
dividend instruments including treasury
bilss and corporate bonds now
fullyexempt while withholding tax
at 10% is the final tax on
dividend.

* “gross emoluments” means wages salaries

allowances (including benefits in kind),
gratuities, superannuation, and any other income
derived solely by reason of employment.

Benefits in BIK provided to an employee by the employer

kind (BIK) such as official cars, accommodation, etc are
[S 33] deemed to be part of the employee’s gross
emoluments. The taxable benefit is 5% per
annum of the cost where the asset is owned by the
employer or the actual rent paid where the asset
is leased by the employer.

BIK on accommodation is taxable based on the

annual value of the premises as determined for
purposes of local rates or as determined by the
relevant tax authority rather than the cost or
actual rent paid.

PwC Nigeria Tax Card 29

 Due date for Every employer is required to file a return of all
filing emoluments paid to his employees not later than
Returns 31st January of every year in respect of all
[S. 41(3), employees in his employment in the preceding
81(2)] year.

In addition, a return in respect of the current year

must be filed within 90 days of the fiscal year i.e.
not later than 31 March.

Penalty for 10% per annum of the amount plus interest on

non-payment annual basis at bank lending rate ( in practice a
of tax one-off interest rate of 15% is applied ).
[S 76,77]
Statute of 6 years except in the event of a fraud, wilful
Limitation default or neglect by the taxable person in which
[S55] case there is no limitation.

9. PENSION CONTRIBUTION

All employers in the public sector, and private employers that

have 15 or more employees are required, under the Pension
Reform Act (PRA) 2014, to participate in a contributory pension
scheme in favour of their employees. The old law enacted in 2004
has been repealed and re-enacted as the PRA 2014.

Rate of Not less than 18% of monthly emoluments* (with

Contribution a minimum contribution of 10% by the employer
[S 4] and up to 8% by the employee). The employer
and/or the employee may make additional
voluntary contribution.

Where an employer decides to solely contribute to

the scheme, the contribution shall not be less than
20% of the employee's monthly emolument.

PwC Nigeria Tax Card 30

 Employers' The employer is obliged to make monthly
Obligation deductions at source from the employee's
[S 11(3)] emoluments and remit to the Pension Fund
Custodian (PFC) specified by the employee's
Pension Fund Administrator (PFA) not later than
7 working days after the payment of the
employee's salary.

Expatriates Expatriate employees are not expressly exempted

[Guidelines on from pension contribution under the Act.
Cross Border However, the Guidelines on Cross Border
Arrangements] Arrangements issued by the Pension Commission
specifically states that it is not compulsory for
expatriates to join the Nigerian pension scheme
but such employees may join at their discretion
and with the agreement of their employers.

Withdrawal An employee can obtain approval from the

from the Pension Commission to access his/her retirement
Retirement savings account where the person:
Savings
Account 1. Retires or attains the age of 50, whichever is
[S 7,16] earlier;
2. Disengages from employment before the age of
50 and is unable to secure employment within
4 months of disengagement. Here, the
employee is allowed access to an amount not
exceeding 25% of the funds in the retirement
savings account;
3. Disengages on the advice of a suitably
qualified physician certifying that the
employee is no longer capable of carrying out
job functions;
4. Disengages due to instability of mind or body;
or
5. Disengages before 50 in accordance with
his/her terms of employment.
PwC Nigeria Tax Card 31
 Life The Pension Reform Act requires every employer
Insurance to take out life insurance cover for its employees.
[S 9(3)] The sum assured should be three times each
employee's annual remuneration. The insurance
cost is to be borne solely by the employer.
Offences and A Pension Fund Administrator (PFA) or Pension
penalties Fund Custodian (PFC) that reimburses or pays a
[S 99] staff, officer or director for a fine imposed on such
person will be liable to a minimum penalty of
N5m.

Misappropriation of pension funds is liable to

prison term of up to 10 years or a fine of 3 times
the funds misappropriated, or both. Also, the
convicted person is required to refund the
diverted funds and forfeit any property or fund
diverted, with accrued interest.

For PFCs, the Act imposes a penalty of at least

N10m, upon conviction, where the PFC fails to
hold the funds to the exclusive preserve of the PFA
or where it applies the funds to meet its own
financial obligations (in the case of a Director,
N5m or a term of 5 years imprisonment or both).

Any person, PFC or PFA that refuses to produce

required information or produces false or
misleading information is liable on conviction to a
fine of not less than N200,000 or prison term of
not less than 3 years, or both. A fine of N100,000
may be imposed for every day the offence
continues.

PwC Nigeria Tax Card 32

 Where no specific penalty is prescribed, a person
who contravenes any provision of the Pensions
Reform Act will be liable on conviction to a fine of
not less than N250,000, or a term of not less than
one year imprisonment, or both.

*monthly emoluments means” total emolument as defined in the

employee's contract of employment, provided it is not less than the
total of the employee's basic salary, housing and transport
allowance”.

10. INDUSTRIAL TRAINING FUND (ITF) CONTRIBUTION

Applicable to employers with minimum of 5 *employees or

annual turnover of N50 million.

Rate [S 6(1)] 1% of annual *payroll cost

Due date for Not later than 1st April of the following year
Payment [S 6(2)b]

Refund An employer could get up to 50% refund of

[S 7(1)] contributions made if adequate
(documented) training courses were
provided to the **employees
Penalty for non- 5% of the unpaid amount to be added for
compliance each month or part of a month after the date
[S 9(1)] on which payment should have been made.
Statute of The contribution is recoverable at any time
limitation [S 11] within 6 years from the due date.

PwC Nigeria Tax Card 33

 *Payroll is defined as the sum total of all basic pay allowances and
other entitlements payable within and outside Nigeria to any
employee in an establishment, public or private.

**Employees mean all persons whether or not they are Nigerians

employed in any establishment in return for salary, wages or other
consideration, and whether employed full-time or part-time and
includes temporary employees who work for periods of not less
than 30 days in a year.

11. EMPLOYEE COMPENSATION SCHEME

Repeals the workmen's compensation Act and provides

compensation for employees for any death, injury, disease or
disability arising from or in the course of employment.

Rate 1% of total monthly payroll or amount assessed by

[S 33(1), the NSITF. Where the claim cost in respect of an
42(1)] employer exceeds 105% of the ordinary
assessment of that employer, the NSITF Board
may within 4 years levy a super assessment on the
employer not exceeding 133% of the ordinary
assessment for the year.

Scope All employers, including individuals, are required

[S 2] to register with the Nigeria Social Insurance Trust
Fund (NSITF) and contribute to the scheme.
Contributions Employers are required to make monthly
[S 33(1)] contributions to the NSITF not later than the last
day of the month.

Returns Employers are required to file statements of actual

[S 40, 50,51] earnings of their employees for the preceding year
and budgeted earnings for the current year not
later than the last day of February of every year.

PwC Nigeria Tax Card 34

 An employer who has just commenced a business,
recommences or ceases to be an employer is
required to provide the statements within 30 days
of commencement, recommencement or cessation
as the case may be.

Penalty Penalty and interest for default are to be charged

Section 39 (2) at a rate to be determined by the NSITF Board.

*Employee - means a person employed by an employer under oral

or written contract of employment whether continuous, part-time,
temporary, apprenticeship or casual basis and includes a domestic
servant who is not a member of the family of the employer.

12. NATIONAL HOUSING FUND CONTRIBUTION

Applicable to Nigerian employees earning a minimum of N3,000

per annum

Rate [S 4] 2.5% of basic salary

Employers' The employer is required to deduct the

Obligations contribution from the salary of its employees
[S 9] and remit it to the Federal Mortgage Bank of
Nigeria within one month of the deduction.

Penalty for Penalty ranges from N5,000 to N50,000 and

non- 5 years imprisonment.
compliance
[S 20]

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13. CUSTOMS AND EXCISE DUTIES

Custom duties are levied on Cost, Insurance and Freight (CIF).

Rates Rates vary for different items, and are assessed

with reference to the prevailing Harmonized
Commodity and Coding System (HS code).
Other rates &  7% surcharge (Port development levy)
charges calculated on the customs duty
 0.5% trade liberalization scheme levy,
calculated on customs duty (where import is
from countries outside the ECOWAS region);
 1% Comprehensive Import Suspension Scheme
(CISS) administrative charge for destination
inspection based on the FOB value of goods
 Value Added Tax (VAT) calculated at the rate of
5% on the CIF value of the import, customs
duty and the charges stated above.
Goods liable  Beer & Stout;
to Excise  Wines;
duty[S 118]  Spirits;
 Cigarettes and Tobacco;
manufactured and sold in Nigeria.
Some Goods  Aircrafts or airlines registered in Nigeria and
exempted providing commercial services in Nigeria;
from  Films, film-strips, microfilms, newsreel, slides
Customs and similar visual and auditory material of
duty* educational, scientific or cultural character
[S.43] imported by the United Nations, any of its
specialised agencies or an approved education
or science organisation;
 Fuel, lubricants and similar products, which the
Minister is satisfied are necessary for and will
be used solely in the operation of an aircraft of
the armed forces of a foreign power; or an

PwC Nigeria Tax Card 36

 aircraft registered in any recognized country;
 Goods Imported for the head of state,
Commander-in-Chief of the Armed Forces;
 Goods Imported for the consular Officers;
 Diplomatic privileged importations;
 Goods obtained free as technical assistance
from international donors;
 Passengers baggage;
 Life-saving Appliances;
 Military Hardware and Uniforms; and
 Arms and Ammunition imported by the Nigeria
Police Force.
Some goods  Beef & beef products
prohibited  Fresh or dried fruits, fruit juice in retail packs
from  Detergent
importation*  Toothpaste
 Vegetable oil (excluding linseed and castor oils,
hydrogenated vegetable fats used as industrial
raw materials and olive oil in bottles)
 All sort of foot wears, bags of leather and
plastics and briefcase (excluding safety and
sports wears)
 Sugar confectionaries
 Telephone recharge cards
 Used motor vehicles above 15 years from the
year of manufacture
 Maize & Wheat flour
 Biscuits
 Beer
 Certain medicaments
 Bagged cement
 Live or dead birds including Frozen poultry
 Bird eggs
 Cocoa butter, powder and cake
 Water, Mineral waters, Aerated waters
 Mosquitoes repellent coils

PwC Nigeria Tax Card 37

  Sanitary ware of plastic
 Ball point pen
 Used compressors
 Hollow glass bottles of capacities exceeding
150mls.
Incentives to Approved products manufactured by beneficiaries
ECOWAS of the ETLS are allowed free access to markets
Countries within the ECOWAS region without any import
[ECOWAS duties in the destination countries.
Trade
Liberalisation Products approved for the scheme must satisfy the
Scheme rules of origin which require at least 60% local
(ETLS)] raw materials content (volume) or 40% local raw
materials value (monetary) or a minimum of 35%
local value added. The cost, insurance and freight
(CIF) value of imported raw material must not
exceed 60% of the total cost of raw materials
used.

ETLS is not fully operational going by the low

level of implementation by member countries.
Fiscal  Review of the 2008 to 2012 Customs and Excise
Policies Tariffs to correct anomalies and introduce
[Nigerian policies that will encourage industrialisation.
Budget-2012]  Effective 31 January 2012, duty on machinery
and specific equipment for use in the
agricultural sector to attract zero import duty.
 All equipment for processing of high quality
cassava flour and composite flour blending to
be duty free.
 From 1 July 2012, wheat flour to attract import
duty of 100%, wheat grain 20%, brown rice
30% and polished rice 50%.
 Rice millers are encouraged to move towards
domestic production and milling of rice. Import

PwC Nigeria Tax Card 38

 duty will thus be increased from 50% to 100%
effective 31 December 2012.
 No waivers or concessions will be granted for
rice and wheat production.
 Introduction of import prohibition for cassava
flour.
 Equipment and machinery in the power sector
will attract zero duty.
 Review of the Export Expansion Grant (“EEG”)
to streamline the scheme and make it more
effective as an instrument for promotion of
exports.
 Review of Nigeria's position on the ECOWAS
Trade Liberalisation Scheme (“ETLS”) to avoid
dumping.
*Note - The Ministry of Finance reviews Customs and Importation
Guidelines & Policies from time to time. Sometimes, the practice is not
consistent with the law and policies. It is therefore recommended that you
keep abreast of developments in this area and seek professional advice
where necessary.

14. STAMP DUTY

Stamp duty is tax on documents evidencing transactions between

persons.

Rate [S 8] Stamp duty is chargeable either at fixed rates or

ad valorem (i.e., in proportion to the value of the
consideration) depending on the class of
instrument.
Instruments All instruments relating to an act to be performed
liable to in Nigeria must be stamped, except such
Stamp Duty instrument is specifically exempted.
[S 3(1)]

PwC Nigeria Tax Card 39

 When to Instruments which are required to be stamped
Stamp under the Stamp Duties Act must be stamped
[S 23(1)] within 40 days of first execution.

Penalty The penalty for late stamping of instruments is

[S 25] N20; but where the unpaid duty exceeds N20,
there is a further penalty in the form of interest on
the stamp duty payable at the rate of 10% per
annum subject to a maximum of the unpaid duty.

Also, unstamped documents are generally not

admissible as evidence in civil proceedings.

PwC Nigeria Tax Card 40

15. LUXURY TAX

Special levies have been introduced on luxury items in the 2015

Budget effective from 2015. Details of these surcharges are as
follows:

Private Jets Purchase of new Private Jets will be subject to a

10% import surcharge.
Yachts Purchase of luxury Yachts will be subject to a 39%
import surcharge.

Luxury cars Purchase of luxury cars will be subject to a 5%

import surcharge.
Champagnes, Purchase of champagnes, wines and spirits will be
wines & subject to a 3% luxury surcharge.
spirits

Mansions 1% Mansion Tax on residential properties within

the Federal Capital Territory, Abuja. The tax is
applicable a property with value of N300 million
and above.

Airline There will be a surcharge on Business and First

tickets Class tickets on Airlines. The rate has been
determined at N15,000 per ticket on foreign
travels.

PwC Nigeria Tax Card 41

PwC's Tax Academy
Schedule of topics and venues for 2015

Date Topic Venue

20 January 2015 Key Issues and Practical Challenges in Sheraton Hotel,
Tax Accounting, Tax Reporting and Ikeja, Lagos
Disclosure Under IFRS and US GAAP

17 Februrary 2015 Deferred Taxation: A Practical Session Oriental Hotel, Lekki,

and Update on Recent Changes Lagos

17 March 2015 Managing Employment Taxes and Social Sheraton Hotel,

Security Contributions for Residents and Ikeja, Lagos
Non-residents

21 April 2015 Transfer Pricing Master Class: Focus on Oriental Hotel,

the Big Picture, Core Principles, Key Lekki, Lagos
Issues and Major Changes

19 May 2015 Corporate Income Taxes: Step by Step Sheraton Hotel,

Computations of Companies Income Tax, Ikeja, Lagos
Tertiary Education Tax, and Capital Gains
Tax

16 June 2015 Deductions at Source: Guidance on Oriental Hotel,

Withholding Tax Compliance, Withholding Lekki, Lagos
VAT, Local Content and Cabotage Levies

21 July 2015 Transfer Pricing Regulations: Revisiting Sheraton Hotel, Ikeja,

Compliance Status and Addressing Post Lagos
Implementation Issues

18 August 2015 Tax Audits, Investigations and Litigation: Oriental Hotel,

Managing the Process From Start to Lekki, Lagos
Finish

15 September 2015 Base Erosion and Profit Shifting: Sheraton Hotel, Ikeja,
Understanding the Global Debate and Lagos
Local Implications
20 October 2015 Mergers, Acquisitions, Reorganizations, Oriental Hotel,
Novation and Disposals: Addressing the Lekki, Lagos
Salient Issues in Corporate Transactions
17 November 2015 Contemporary Issues in International Sheraton Hotel, Ikeja,
Taxation and E-Business Lagos

15 December 2015 Local Content Rules in the Petroleum, Oriental Hotel,

Power and Telecommunications Lekki, Lagos
Industries: Ensuring Compliance,
Competitiveness and Control

PwC Nigeria Tax Card 42

Contacts:
Taiwo Oyedele
Partner/Head of Tax & Regulatory Services
PricewaterhouseCoopers Nigeria
Email: [email protected]
Telephone: 27112700 ext 6103

Kenneth Erikume
Director
Tax & Regulatory Services
PricewaterhouseCoopers Nigeria
Email: [email protected]
Telephone: 27112700 ext 6110
Caveat
We have issued this Tax Data Card to provide high level insight into
key areas of taxation in Nigeria. It covers various taxes including
corporate and individual income tax, capital gains tax, withholding
tax, social security contributions, VAT, Excise duty and Stamp duty.
There are a number of other taxes and levies payable to federal, state
or local governments, which have not been included.

Although we have taken all reasonable care in compiling the data

card, we do not accept responsibility for any errors or
inaccuracies contained in the document.

This data card is also available electronically. If you would like an

electronic copy, please visit our website at www.pwc.com/ng

© 2015 PwC. All rights reserved. PricewaterhouseCoopers

refers to the network of member firms of
PricewaterhouseCoopers International Limited, each of
which is a separate and independent legal entity.