In this page: Accounting Rules | Tax Rates | Intellectual Property | Legal Framework | Standards | Business Practices
Institute of Internal Auditors ; KPMG Nigeria ; Ernst & Young ; Bamisile Group ; PricewaterhouseCoopers.
Other taxes include:
Nigeria | Sub-Saharan Africa | United States | Germany | |
---|---|---|---|---|
Number of Payments of Taxes per Year | 48.0 | 36.6 | 10.6 | 9.0 |
Time Taken For Administrative Formalities (Hours) | 343.4 | 284.8 | 175.0 | 218.0 |
Total Share of Taxes (% of Profit) | 34.8 | 47.3 | 36.6 | 48.8 |
Source: Doing Business - Latest available data.
Personal income tax | Progressive rates up to 24% |
NGN 0 to NGN 300,000 | 7% |
Next NGN 300,000 | 11% |
Next NGN 500,000 | 15% |
Next NGN 500,000 | 19% |
Next NGN 1,600,000 | 21% |
Above NGN 3,200,000 | 24% |
Minimum income tax | If a taxpayer has no taxable income, a tax rate of 1% is applied to the total income |
Type of property and law | Validity | International Agreements Signed |
---|---|---|
Patent Patents and Designs Act |
Patents and Designs Act, 20 years |
Patent Cooperation Treaty (PCT) |
Trademark Trade Marks Act |
The registration of a trademark is valid for seven years and begins on the date of registration. The trademark registration is renewable in periods of 14 years. |
Trademark Law Treaty |
Design Patents and Designs Act |
20 years | |
Copyright Copyright Act |
Films and photographs: 50 years following the end of the year of publication of the work. Sound recordings: 50 years following the end of the year of registration. Broadcasts: 50 years following the end of the first broadcast. |
Berne convention For the Protection of Literary and Artistic Works Rome ConventionFor the Protection of Performers, Producers of Phonograms and Broadcasting Organizations |
Industrial Models Patents and Designs Act |
20 years |
1 January | New Year's Day |
1 May | May Day |
29 May | Democracy Day |
1 October | National Holiday |
25 and 26 December | Christmas Day and Boxing Day |
Friday before Easter Sunday | Good Friday |
The day after Easter Sunday | Easter Monday |
Varies | Prophet's Birthday (Eid-ul-Mouloud) |
Varies | End of Ramadan (Eid-ul-Fitr) |
Varies | Feast of the Sacrifice (Eid al-Adha) |
Ramadan | one month |
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Latest Update: September 2023