Nigeria

Individuals resident in Nigeria are taxed on their worldwide income.  A unilateral tax relief is available when, in any year of assessment, a Nigerian resident earns income or profits from a foreign source that have already been taxed in that source country and are also taxable in Nigeria. In such cases, the tax paid abroad may be credited against the tax payable in Nigeria.  

For Employment income- The income, gains and profit from employment is derived from Nigeria where the   

1. The employee is resident in Nigeria; and  
2.  The duties of the employment are wholly or partly performed in Nigeria and the remuneration is accruing to the employee while in Nigeria is not duly liable to tax in the employee's country of tax residence.  

Personal income tax rates

The table below shows a summary of the taxable income tax bands and applicable rates of tax on an annual basis.

Note that employees who earn not more than the national minimum wage (NGN 70,000 ) are no longer liable to tax or deduction of monthly PAYE.

Minimum income tax

The old minimum tax rule (1% of total income) is no longer referenced under the Nigeria Tax Act and has effectively been replaced by the expanded 0% tax band.  

Capital gains tax (CGT) on termination benefits

For income that qualifies as termination benefits (compensation for loss of office), only the amount  exceeding ₦50 million represents chargeable gains, a significant increase from the former ₦10 million threshold.  (see Capital gains tax in the Other taxes section).