Frequently Asked Questions
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What are the documents required for filing withholding tax?
Evidence of payments such as bank teller, e-ticket, e-acknowledgement etc. from an FIRS designated revenue collecting bank. Schedule of WHT deducted indicating the: Name of supplier/vendor, Taxpayer Identification Number (TIN) of company or individual (supplier/vendor) from which the tax was withheld and the related amount.
Are there due dates for filing withholding tax?
Yes
Are there due dates for the submission of tax returns?
Yes
What are the tax rates on income when individuals income are more than N300,000 per annum?
The rate of the tax ranges from 7% to 24%, depending on the amount of chargeable income- Individuals are subject to minimum tax of 1% of gross income where the income is less than N300,000 per annum
Are there procedures for filing tax returns?
Yes
Who pays Income tax?
Individuals who are either in employment or are running their own small businesses, under a business name or partnership.