How To Calculate Tax Returns In Nigeria

You might have learn one or two things related to vat especially if you are living in nigeria. As lagos state moves towards meeting the needs of a mega city lirs continues to position itself as the major funding arm of the state government by putting in place structures that will ensure collection of the proper amount of tax revenue at the least cost.

How To Calculate Your Taxes Using Paye Nairametrics

how to calculate tax returns in nigeria

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If you dont have a tax manager in your company who can calculate the income tax for you then you may need to get your hands on this calculator.

How to calculate tax returns in nigeria. The calculator is a very simple application that helps to calculate tax due in line with the nigerian income tax law. The main body that collects taxes in nigeria is firs. This service even created the tax calculator for corporations in nigeria.

The taxable period is the fiscal year which runs from 1 january to 31 december. The cit rate is 30 assessed on a preceding year basis ie. Section 812 of the personal income tax act cap p8 lfn 2011 as amended pitam requires every employer to file a return with the relevant tax authority showing emoluments and paye tax of employees in the prior year.

In nigeria vat is a 5 charge on all goods and services except for those exemptedorganisations are by law expected to remit vat charged to invoices on behalf of the federal inland revenue service. Resident companies are liable to corporate income tax cit on their worldwide income while non residents are subject to cit on their nigeria source income. The nigeria income tax calculator nitc shows in one click a summary of incomes allowances deductions and net income both monthly and annual.

Value added tax is an indirect form of taxation that is based on the consumption pattern of individuals and companies. Tax is charged on profits for the accounting year ending in the year preceding assessment. Enough and hence useful to you.

Welcome to the lirs website. To calculate the exact amount that goes to the government. For example the deadline for 2018 returns is 31 january.

The latest amendment was in 2012 when the goodluck jonathan administration signed into law an amended personal income tax act replacing several controversial sections of the act with a simpler and easy to calculate taxable income. Feel free to share this post with your friends on various social media. Nigerian personal income tax laws have evolved over the years with several amendments introduced to align with the income of nigerians.

Efficient and transparent processes. Value added tax returns. The plus value of the nitc is its accessibility.

The due date for filing this return is january 31. Companies are required to register for tax and file their audited accounts and tax computations with the firs within six months of their financial year end on a self assessment basis or 18 months after incorporation whichever comes first.

How To Calculate Your Taxes Using Paye Nairametrics