pathfinder - The Institute of Chartered Accountants of Nigeria

PATHFINDER5. RATES OF PERSONAL INCOME TAX:Taxable IncomeRate of TaxN %First 30,000 5Next 30,000 10Next 50,000 15Next 50,000 20Over 160,000 25Note: Annual income of N30,000 and below is exempted from tax but aminimum tax of 0.5% will be charged on the total income.6. COMPANIES INCOME TAX RATE 30%7. EDUCATION TAX 2%8. CAPITAL GAINS TAX 10%9. VALUE ADDED TAX 5%10. WITHHOLDING TAXESType of payment Rates Rates(Companies)(Non- corporate)Dividend, Interest, Rent 10% 10%Royalties 15% 15%Contract supplies 5% 5%Building construction activities 5% 5%Consultancy/Professional services 10% 5%Management services 10% 5%Commissions 10% 5%Technical services 10% 5%Directors fees 10% 10%INTERMEDIATE EXAMINATION - NOVEMBER 201066