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  TAXATION STATUTES, TREATIES & REGULATIONS OF NIGERIA [FEDERAL]

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TAXATION LEGISLATIONS, REGULATIONS AND GUIDELINES IN NIGERIA (FEDERAL)

 

 

Foundation: The Constitution of the Federal Republic of Nigeria

 

 1.

Associated Gas Re-Injection Act

 

 2.

Capital Gains Tax Act

 

 3.

Companies Income Tax Act

 

 4.

Deep Offshore and Inland Basin Production Sharing Contracts Act

 

 5.

Tertiary Education Trust Fund Act

 

 6.

Federal Inland Revenue Service (Establishment) Act

 

 7.

Income Tax (Authorised Communications) Act

 

8.

Industrial Development (Income Tax Relief) Act

 

9.

Industrial Inspectorate Act

 

 10.

National Information Technology Development Act

 11.

Nigeria LNG (Fiscal Incentive Guarantees and Assurances) Act

 12.

Oil and Gas Export Free Zones Act

 13.

Personal Income Tax Act

 14.

Petroleum Profits Tax Act

 15.

Value Added Tax Act

 16.

Stamp Duties Act

 17.

Taxes and Levies (Approved List for Collection) Act

18.

Casino Act



OTHER TAX REGULATION AND GUIDELINE DOCUMENTS

 1.

National Tax Policy (Document)

 2.

Requirements for Funds, Bodies, Etc Regulations 2011

 3.

Transfer Pricing Regulations 2012


TAXATION LAW BILLS BEFORE THE NATIONAL ASSEMBLY

 1.

The Petroleum Industry Bill



WITH-HOLDING TAX, WHT, RATES IN NIGERIA

Nigeria requires companies and individuals to pay With-Holding Tax, WHT, on applicable or specified transactions connected to Nigeria. There is no distinction between the WHT rates for resident companies or individuals and non-resident companies or individuals.

 

PAYMENT OF WITH-HOLDING TAX

Nigeria requires companies to file WHT on any transaction within 21 days after the duty to deduct arose for deductions from companies. 10% of the amount not deducted and remitted is the statutory fine for failure to deduct or remit tax.

For effective compliance, companies are required to submit, in electronic form, a schedule of all their suppliers for the month showing the tax identification number (TIN), address of the suppliers, the nature of the transaction, WHT deducted, and invoice number.

 

Find applicable WHT on specified transactions below:

Payment/Transaction Type

WHT - Companies (%)

WHT -  individuals (%)

Dividends, interest, and rents

10

10

Directors fees

N/A

10

Hire of equipment

10

10

Royalties

10

5

Commission, consultancy, technical, service fees

10

5

Management fees

10

5

Construction/building (excluding survey, design, and deliveries)

5

5

Contracts other than sales in the ordinary course of business

5

5

 

DOUBLE TAX TREATIES (DTTS)

Nigeria has concluded Double Tax Treaties, DTTs with several countries. A DTT, to be binding on Nigeria must not only be signed by the appropriate authority, but needs to approved by the Federal Executive Council and then ratified by both chambers of the Nigerian National Assembly. A company resident in a country with no Double Tax Treaty with Nigeria pays a flat With-holding Tax, WHT rate of 10% of the value of any revenue from a dividend, interest, royalties, management or technical fees transaction while their contemporaries from a DTT country pays only rate prescribed in the treaty. 

 

Dividend

Interest

Royalties

Management or Technical fees

Non-treaty Country

10

10

10

10

 

Below is a list of countries Nigeria has concluded DTT with. Some of the DTT, even though signed, are yet to be ratified by the National Assembly and so not fully applicable on the Nigerian side – even though it could be applicable to Nigerian companies in that country where prescribed steps for putting it into force has been concluded and was not made contingent on reciprocal ratification on Nigeria’s part.

S/N

      Country

Date/Place of Signing

Date of Entry into Force

Effective Date

1.

Canada

4th August, 1992 in Abuja

16th November, 1999

1st January, 2000

2.

Pakistan

10th October, 1989 in Lagos

7th March, 1990

1st January 1991

3.

Belgium

20th November, 1989 in Brussels

1stJanuary, 1990

1st January, 1991

4.

France

27th February, 1990 in Paris

2nd May 1991

1st January, 1992

5.

Romania

21st July, 1992 in Abuja

18th April, 1993

1st January, 1994

6.

Netherlands

11th December, 1991 in Lagos

9th December, 1992

1st January, 1993

7.

United Kingdom

9th June, 1987 in London

1st January,1988

1st January, 1989

8.

China

15th April, 2005 in Abuja

21st March, 2009

1st January, 2010

9.

South Africa

29th April, 2000 in Cape Town

5th July, 2008

1st January, 2009

10.

Italy

22nd February, 1976 in Lagos

1977

1st January, 1978

11.

Philippines

30th September, 1987 in Manila

18th August 2013

1st January, 2014

12.

Czech Republic

31st August 1989 in Lagos

2nd December, 1990

1st January, 1991

13.

Slovakia

31st August 1989 in Lagos

2nd December, 1990

1st January, 1991

14.

United Arab Emirates

19 January, 2016

NA

NA

15.

Kenya

September 6, 2013.

NA

NA

16.

Mauritius

Nigeria and Mauritius signed a DTA on August 10, 2012.

NA

NA

17.

Poland

12 February, 1999

NA

NA

18.

South Korea

6 November 2006

(Legislative Ratification Pending)

NA

19.

Spain

18 November 2004

NA

NA

20.

Sweden

Signed, November 2004.

[Sweden completed ratification procedures in 2005]

December 12, 2012 (Ratified by Nigeria)

 

 

 

 

 

21.

Singapore

November 16, 2016.(Approved by Nigeria’s Federal Executive Council)

Yet to be approved by the National Assembly

NA

22.

Qatar

February 28, 2016 (Approved by Federal Executive Council)

Yet to be approved by the National Assembly

NA

 

 

NIGERIA: DOUBLE TAXATION RATE FOR TREATY COUNTRIES

Country-Recipient

WHT (%)

Dividend

Interest

Royalties

Management or Technical fees

Belgium

7.5

7.5

7.5

10

Canada

7.5

7.5

7.5

10

China

7.5

7.5

7.5

10

Czech Republic

7.5

7.5

7.5

10

France

7.5

7.5

7.5

10

Netherlands

7.5

7.5

7.5

10

Pakistan

7.5

7.5

7.5

10

Philippines

7.5

7.5

7.5

10

Romania

7.5

7.5

7.5

10

Slovakia

7.5

7.5

7.5

10

South Africa

7.5

7.5

7.5

10

South Korea *

7.5

7.5

7.5

10

Spain *

7.5

7.5

7.5

10

Sweden *

7.5

7.5

7.5

10

United Kingdom

7.5

7.5

7.5

10

Non-treaty Countries

10

10

10

10

Country-Recipient

WHT (%)

Dividend

Interest

Royalties

Management or Technical fees

Belgium

7.5

7.5

7.5

10

Canada

7.5

7.5

7.5

10

China

7.5

7.5

7.5

10

Czech Republic

7.5

7.5

7.5

10

France

7.5

7.5

7.5

10

Netherlands

7.5

7.5

7.5

10

Pakistan

7.5

7.5

7.5

10

Philippines

7.5

7.5

7.5

10

Romania

7.5

7.5

7.5

10

Slovakia

7.5

7.5

7.5

10

South Africa

7.5

7.5

7.5

10

South Korea *

7.5

7.5

7.5

10

Spain *

7.5

7.5

7.5

10

Sweden *

7.5

7.5

7.5

10

United Kingdom

7.5

7.5

7.5

10

Non-treaty Countries

10

10

10

10

* The tax treaties with South Korea, Spain, and Sweden are still being ratified.

 

TREATIES - NIGERIAN DOUBLE TAXATION AGREEMENTS, DTA WITH OTHER AFRICAN COUNTRIES**

 

Country

Status

Date of Signature

Date of Entry into Force

Text (Access)

1.

Kenya

 

September 6, 2013.

 

 

2.

Mauritius

 

August 10, 2012.

 

 

3.

South Africa

Comprehensive

29th April, 2000

5th July, 2008

[1st January, 2009] (Effective Date)

 

 

 

TAXATION LAW BODIES

FEDERATION TAX BODY

Joint Tax Board

FEDERAL TAX AUTHORITIES IN NIGERIA

Federal Inland Revenue Service (FIRS)

Federal Capital Territory Internal Revenue Service

 

STATE TAX BODIES

ABIA

Abia State Board of Internal Revenue (BIR)

ADAMAWA

Adamawa State Board of Internal Revenue

AKWA IBOM

Akwa Ibom State Board of Internal Revenue

ANAMBRA

Anambra State Internal Revenue Service

BAUCHI

Bauchi State Board of Internal Revenue

BAYELSA

Bayelsa State Board of Internal Revenue

BENUE

Benue State Board of Internal Revenue

BORNO

Borno State Internal Revenue Service

CROSS RIVER

Cross River State Internal Revenue Service

DELTA

Delta State Board of Internal Revenue

EBONYI

EDO

Edo State Internal Revenue Service

EKITI

Ekiti State Internal Revenue Service

ENUGU

Enugu State Board of Internal Revenue

GOMBE

Gombe State Internal Revenue Service

IMO

Imo State Board of Internal Revenue

JIGAWA

Jigawa State Board of Internal Revenue Service

 

KADUNA

Kaduna State Board of Internal Revenue Service Board

KANO

Kano State Board of Internal Revenue Service

KATSINA

Katsina State Board of Internal Revenue

KEBBI

Kebbi State Board of Internal Revenue

KOGI

Kogi State Board of Internal Revenue

KWARA

Kwara State Internal Revenue Service

LAGOS

Lagos State Internal Revenue Service

NASARAWA

Nasarawa State Board of Internal Revenue Service

NIGER

Niger State Board Of Internal Revenue

OGUN

Ogun State Internal Revenue Service

ONDO

Ondo State Board of Internal Revenue Service

OSUN

Osun State Internal Revenue Service

OYO

Oyo State Board of Internal Revenue

PLATEAU

Plateau State Internal Revenue Service

RIVERS

Rivers State Internal Revenue Service

SOKOTO

Sokoto State Board of Internal Revenue

TARABA

Taraba State Board of Internal Revenue Service

YOBE

Yobe State Board of Internal Revenue

ZAMFARA

Zamfara State Board of Internal Revenue

 

INTERNATIONAL TAX BODIES

International Tax Dialogue, ITD

International Tax Planning Organisations, ITPO

Commonwealth Association of Tax Administrators

Low Incomes Tax Reform Group

International Tax Planning Association, ITPA

Organisation for Economic Co-operation and Development (OECD)

African Tax Administrators Forum


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Contact Editors - Sam Eleanya, Agboola Lola, Ugochi Eleanya - through lawnigeria@gmail.com