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CITN | Tax rates

Personal Income Tax Rates

Chargeable Profit Income Rates Tax on Band Cummulative Charge Profit Cummulative Tax
First 300,000.00 7.00% 21,000.00 300,000.00 21,000.00
Next 300,000.00 11.00% 33,000.00 600,000.00 54,000.00
Next 500,000.00 15.00% 75,000.00 1,100,000.00 129,000.00
Next 500,000.00 19.00% 95,000.00 1,600,000.00 224,000.00
Next 1,600,000.00 21.00% 336,000.00 3,200,000.00 560,000.00
Over 3,200,000.00 24.00% 0.00 0.00 0.00

Personal Relief's (S.33)

Title Description
Consolidated Relief N200,000.00 + 20% of gross income

Corporate Withholding Tax

Description Rates
Dividend, Interest & Rent 10.00%
Royalties 10.00%
Commissions, Consultancy, Technical & Management 10.00%
Construction 5.00%
Sales in the ordinary course of business 5.00%
Directors? Fees 10.00%

Companies Income Tax

Period Breakdown
1st April 1961 - 31st March 1972 40% plus super tax. (Super tax was payable under certain circumstances)
1st April 1972 - 31st March 1975 40% on the first N10, 000 plus 45% on the excess Over N10, 000
1st April 1975 - 31st March 1976 NIL on the first N6, 000 plus 40% on the excess over N6,000
1st April 1976 - 31st March 1978 NIL on first N6, 000 plus 45% on the excess over N6,000
1st April 1978 -31st March 1979 NIL on the first N6, 000 plus 50% on the excess 6,000 10% special levy payable on banks excess profit
1st April 1979 31st March 1986 45% 10% Special levy payable by banks
1st Jan 1987 31st Dec. 1988 40% 20% Small business rate with effect from 1988 10% Special levy payable on banks excess Profit
1st Jan 1989 31st Dec. 1990 40% 20% Small business rate with effect from 1988 10%Special levy payable on bank excess profit
1st Jan.1991 31st Dec. 1991 40% 20% Small business rate. Special levy abolished by decree 63 of 1991
1st Jan 1992 31st Dec. 1992 35% (Decree changing rate from 40%- 35% was passed in 1993)
1st Jan.1993 31st Dec.1995 35% 20% Small business rate 2%Educational Tax
1st Jan 1996 Date (2013) 30% 20% Small business rate 2%Educational Tax

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