Inner Konsult

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A Reliable provider of timely Accounts, Financial and Taxation Outsourcing Services

PERSONAL INCOME TAX (PAYE)

We compute monthly PAYE remittance for our clients and remit according monthly

  • The President on Tuesday 13 December 2011 while presenting the 2012 Federal Budget proposal to the joint session of the National Assembly confirmed that the Personal Income Tax (Amendment) Bill has been signed into law. Based on the amendment dated 14 June 2011, which is yet to be gazetted.

  • Introduction of a consolidated tax free allowance of N200,000 or 1% of gross income, whichever is higher, plus 20% of the gross income. Minimum tax rate 1% of gross income

  • The current rates applicable to the chargeable income are as follows:

    • 1st N300,000 @ 7 per cent
    • Next N300,000 @ 11 per cent
    • Next N500,000 @ 15 per cent
    • Next N500,000 @ 19 per cent
    • NextN1,600,000 @ 21 per cent
    • Above N3,200,000 @ 24 per cent
    • The sixth schedule of PITA, 2011 (Amendment), listed the following as tax exempt:
    • a) National Housing Fund contributions.
    • b) National Health Insurance Scheme contributions.
    • c) Life Assurance Premium.
    • d) National Pension Scheme.
    • e) Gratuities
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