sources of revenue

S/NSources of Revenue (Revenue Stream)Rates /Fees ChargedRemarks
1.Personal Income Tax (PIT) Pay-As-You-Earn (P-A-Y-E)Direct Assessment          Consolidated Relief Allowance Higher of 1% of the gross income or Two hundred thousand naira(N200,000.00) whichever is higher Plus 20% of the Gross Income   The Gross income less CRA and statutory approved allowances will be subject to the following graduated Tax rates. Tax rates First N300,000.00              7% Next N300,000.00             11% Next N500,000.00             15% Next N500,000.00             19% Next N1,600,000.00          21% Above N3,200,000.00          24%
2.Withholding Tax (WHT) on Dividends10%For individual
3.Withholding Tax (WHT) on Director’s/Management Fees10%
4.Withholding Tax (WHT) on Interest10%For individual
5.Withholding Tax (WHT) on Rent10%Rent paid/ received
6.Withholding Tax (WHT) on Consultancy and Technical Services for individual5%Advanced deduction before contract payment
7.Withholding Tax (WHT) on Commission10%To individual
8.Withholding Tax (WHT) on Construction Contracts for individual5%Advanced deduction before contract payment
9.WHT on Income from all aspects of building and other civil works construction5%For individual
10.WHT on Income from Contracts other than outright sales and Purchase of goods and property in the ordinary course of business5%For individual
11.Capital Gains Tax (Individuals)10%Differences in the purchase, improvement and sale amount
12.Stamp Duties on Instruments Executed by individualsFlat rate (fromN50.00 to N500.00) Ad Valorem (from 0.075% – 1.5%)There are over 50 Stamp Duties
13.Pools Betting and Lotteries, Gaming and Casino10% of winning
S/NSources of Revenue (Revenue Stream)Mode of Assessment /Fees ChargedRemarks
14.Business Premises Registration Fees10,000 for Urban – First Year reg.   7,500 for Rural – First Year reg.   5,000 for Urban Annual Renewal   2,000 for Rural Annual Renewal
15.Development LevyN100.00 per personAnnual levy per individual
16.Naming of Street Registration Fees in the Federal Capital City Abuja
17.Right of Occupancy Fees on Lands owned by the State Government in Urban Areas of the FCT
18.Property TaxCharged on the value of the property against the landValuation required
19.Entertainment and Event Centre Tax5%Consumption
20.Market Taxes and Levies where FCT Finance is Involved