What is included:
Asking price: on request.
The Federal Republic of Nigeria is the richest country on the African continent, which is developing rapidly and thereby becoming attractive to investors and businessmen outside the country.
Over the previous decades, the country’s economy has grown rapidly and continues to grow primarily due to the development of the oil industry, heavy industry, and agriculture.
However, in recent years, a significant part of the country’s revenues has been made by tourism, cinema and other non-industrial sectors.
National currency: Nigerian Naira ( NGN ).
In Nigeria entities are subject to three main types of taxes:
1) Income tax with rates from 0% to 30%, depending on the company turnover.
2) Value Added Tax (VAT): 7.5%
3) Tax on higher education: 2%.
Local companies are taxed on corporate income taxes worldwide, while non-residents are taxed at their source in Nigeria.
Income tax rates:
0% if gross turnover is NGN 25 million or less.
20% for companies with a gross turnover of more than NGN 25 million and less than NGN 100 million.
30% for large companies with a gross turnover exceeding NGN 100 million.
Note: 1 million Nigerian naira is approximately equal to 2800 US dollars.
A Nigerian resident company is taxed on all income received, regardless of their country of origin. Foreign company is taxed only on income derived from Nigeria.
A tertiary education tax (TET) is levied on each Nigerian resident company in the amount of 2% of taxable profit for each assessment year. The TET is payable within two months after notification of valuation from revenue service (FIRS). In practice, many entities pay self-assessment tax along with their income tax.
Dividends, interest, rents and royalties received abroad and transferred to Nigeria through channels approved by the government are exempted from Nigerian tax;
Otherwise, income is taxed at the rate of income tax rate, based on the classification to company’s turnover ( small , medium and large ) and the tertiary education tax rate at 2%.
Government Approved Channels mean the Central Bank of Nigeria and any bank or financial institution allowed to conduct foreign exchange transactions.
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