PAYE tax is calculated on employee’s salary and remitted monthly to the revenue authority. To calculate the monthly PAYE tax on employment income, use the free calculator below. Please note that the calculator is only an estimate and does not…
The value added tax (VAT) rate in Nigeria is seven point five percent (7.5%). However, the VAT rate cannot be applied to all transactions. Why? Some goods and services are either zero-rated or exempt from VAT. In such instances, the…
Allowable expenses are expenses that can reduce the taxable income (or profit) of an individual or business. Another name for an allowable expense is a tax-deductible (TD) expense. This type of expense lowers the amount of tax payable. Tax payable…
The following terms shows the list of common tax acronyms for ease of reference. APA – Advance Pricing Agreement AYB – Actual Year Basis BEPS – Base Erosion and Profit Shifting BIK – Benefits in Kind CAFA – Certificate of…
Registering for taxes with the Federal Inland Revenue Service (FIRS) is the first step in complying with the Nigerian tax law. After registration, FIRS will issue a tax identification number (TIN) to the new user. TIN is important for opening…
Compensation can in cash or non-cash. Benefits in kind (BIK) can be defined as non-monetary benefits granted by an employer to an employee. It is common for an employer to grant BIK to an employee in mid-level management or above.…
Here are solutions to the problems in getting Joint Tax Board (JTB) TIN registration and verification in Nigeria. From January 1 2026, the new name of JTB is Joint Revenue Board (JRB). FAQs 1. How do I register for JTB…
INTRODUCTION A tax return is a document submitted by a taxpayer to the revenue authority. The contents of a typical tax return include the taxpayer’s name, taxpayer identification number, month or year of assessment, income/profit, tax payable (if any), and…
