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nigeria personal Income Tax (2002 - 2010) 


nigeria personal Income Tax
Nigerian personal Income tax rates since 2002
Personal income tax rates in Nigeria are charged progressively up to 25%.

Tax Table (Income)           Tax Rate
First       N30,000                     5%
Next      N30,000                   10%
Next      N50,000                   15%
Next      N50,000                   20%
Over     N160,000                  25%

Tax Relief

Rent Allowance: Maximum of N150,000 per annum.
Transport Allowance: Maximum of N20,000 per annum.
Utility Allowance: Maximum of N10,000 per annum.
Meal Allowance: Maximum of N5,000 per annum.
Entertainment Allowance: Maximum of N6,000 per annum.
Leave Allowance: 10% of Basic Salary per annum.
* Disability Allowance: 10% of Earned Income or N3,000 - whichever is lower.
Personal Allowance: 20% of Earned Income + N5,000.
Children Allowance: N2,500 per child for maximum of 4 Children.
Dependant Relative Allowance: N2,000 per Dependant.

Pension contribution: 100% of sums paid.
* Life Assurance: 100% of sum paid (Evidence to be submitted before this relief can be granted).
* Interest on Loan in respect of Owner Occupier premises: 100% - Subject to approval of the Board (FIRS).

Proposed personal income tax rates and tax brackets being considered to be passed into law:

Taxable Income                    Tax Rate
First N300,000                          7%
N300,001 - N600,000                17%
N600,001 - N1,110,000             15%
N1,100,001 - N1,600,000          19%
N1,600,000 - N3,200,000          21%
Above N3,200,000                    24%


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