Tax Types

Withholding Tax is governed by the following regulations:

1. Personal Income Tax Act (PITA) Cap p8 LFN 2004 (as amended by PIT Amendment Act, 2011).
2. Company Income Tax (CIT) Act, Cap. C21, LFN 2004 (as amended by CIT Amendment Act, 2007).
3. Petroleum Profits Tax Act, Cap p13, LFN 2004
4. WHT regulations issued pursuant to the PIT Act and the CIT Act.

Withholding Tax is an advance payment of income tax, deductible at source on qualifying transactions. It may also represent the final tax liability on certain passive income.

The First Schedule of the Federal Capital Territory Act, 2015 empowers the service to administer any laws or enactments imposing taxes and levies within the Federal Capital Territory including Withholding Income Tax on individuals and enterprises.

Stamp Duty was introduced in Nigeria on 1^st April 1939 as a charge of duty on instruments. Since its enactment, the Stamp Duty Act has not undergone any significant amendment until the enactment of the Finance Act, 2019 which introduced some amendments.

The First Schedule of the Federal Capital Territory Internal Revenue Service Act, 2015 empowers the service to collect Stamp Duties on transactions between individuals in FCT. The Act also empowers the service to administer the provisions of the Stamp Duties Act.

Stamp Duty is a tax on commercial and legal documents which record and give effect to certain transactions. It’s not tax on transactions, hence, even if transaction has been aborted, stamp duty is payable on the document.

It is usually placed on transfer of homes, copyrights, buildings, lands, patents and securities.

The CGT Act of 1967 imposes Capital Gains Tax on capital gains arising from disposal of chargeable assets, whether or not the asset is situated in Nigeria. Paragraph 1, First Schedule of the Federal Capital Territory Internal Revenue Service Act, 2015 empowers the service to collect capital gains tax. The act also empowers the service to administer the provisions of the Capital Gains Tax Act.

CGT is governed by the provisions of the Capital Gains Tax Act, 2007 as amended and Finance Act 2019.

It is tax payable on gains arising from disposal of chargeable assets that are used for production to generate income or held in business for the purpose of running the affairs.

POOLS BETTING, LOTTERIES, GAMING AND CASINO TAXES

ROAD TAXES

BUSINESS PREMISES REGISTRATION FEES

NAMING OF STREET REGISTRATION FEES IN THE FEDERAL CAPITAL CITY ABUJA

(CERTIFICATE OF OCCUPANCY FEES ) GROUND RENT

DEVELOPMENT LEVY

RIGHT OF OCCUPANCY FEES ON LANDS OWNED BY THE STATE GOVERNMENT IN URBAN AREAS OF THE FCT

ENTERTAINMENT AND EVENT CENTRE TAX

MARKET TAXES AND LEVIES WHERE FCT FINANCE IS INVOLVED