Personal Income Tax is guided by the Personal Income Tax Act Cap P8 LFN 2004 (as amended)
The tax is imposed on income of Individuals, Corporate sole or body of individuals, Communities, Families and Trustees or Executors of any settlement- An individual is entitled to a Consolidated Relief Allowance of N200,000 or 1% of gross income whichever is higher plus 20% of gross income
The rate of the tax ranges from 7% to 24%, depending on the amount of chargeable income- Individuals are subject to minimum tax of 1% of gross income where the income is less than N300,000 per annum
The tax is administered by FCT/States Internal Revenue Service(IRS) in respect of their residents
The tax is also administered by FIRS on non-residents, members of the Armed Forces, Police, Officers of Nigerian Foreign Service
The due date for filing returns of the tax is 31st March of every year
The due date for remittance of PAYE is 10th day of every succeeding month
An employer shall file return of emoluments and tax deducted from the employees in the preceding year not later than 31st January of every year
A person who fails to file a return shall be liable on conviction to a fine of N5,000 and a further sum of N100 for every day during which the failure continues or imprisonment of six (6) months or both
Any employer who fails to file a return, shall be liable on conviction to a penalty of N500,000 for body corporate and N50,000 in the case of individualâ