Definitive Guide: Personal Income Tax in Nigeria
What is personal income tax? Personal Income Tax (PIT) is a levy imposed by the federal or state government of Nigeria, on the income of certain individuals such as employees, partners in partnership, families or communities, which they are liable to pay to the relevant federal or state agencies where they reside in Nigeria. Personal…
Nigeria Social Insurance Trust Fund (NSITF): An Expert Guide
A Brief History of the Nigeria Social Insurance Trust Fund (NSITF) The NSITF was established in 1961 as the National Provident Fund (NPF) to provide a poverty alleviation measure as required by convention No.102 of the International Labour Organization (ILO). The scheme is targeted at protecting private sector employees (whose employers were then mostly multinationals)…
The Nigeria Money Laundering Act 2011/2022: An In-depth Guide for SMEs
What is Money Laundering? The term “laundering” means cleaning. This translates money laundering literally to “money cleaning.” Money laundering is, however, broadly defined as concealing the origin of illegally earned money by converting it into a legitimate source. The perpetrators get most of these funds from illegal activities; for example, embezzlement, corruption, drug trafficking, kidnapping,…
The Tax System in Nigeria: A New & Updated Overview
Key Stakeholders in the Tax System in Nigeria The Government This includes the federal, state, and local governments with their respective ministries and agencies. The government is obligated to: The Taxpayer A taxpayer is a person or group of persons or an entity that pays or is liable to tax. As a taxpayer, you are…
