Tax & Business Matters - Nigeria

The Personal Income Tax (Amendment) Act 2011: Implementation and Matters Arising!

Under the amended personal income tax act, the middle class will pay less tax; the upper class will pay slightly more, while the poor will pay twice as much.

Landlords will pay less on their rental income; investors will enjoy full tax exemption on income from both government and corporate bonds.

The President, Vice President, Governors and Deputy Governors could technically become bankrupt as their personal income tax liabilities will most likely exceed the cash component of their emoluments as a result of significant benefits in kind.

Read full article in the Guardian http://www.guardiannewsngr.com/index.php?option=com_content&view=category&layout=blog&id=202&Itemid=728 

OR download from our website http://www.pwc.com/ng/en/publications/pita-amendment-march-2012.jhtml

PIT and ITF Amendment Acts

Based on requests from many of our readers, I have uploaded copies of the recently gazetted amendments to the Personal Income Tax Act and the Industrial Training Fund Act. Click on the links below to download a copy.

Download PIT Amendment - Gazetted 14 June 2011  Download ITF-Amendment ACT-2011

Tax Calendar – March 2012

Below is the tax calendar for March 2012 to assist you keep an eye on the various tax filing obligations and payment deadlines and to serve as a quick reference when in doubt.

Download Tax Calendar_March 2012