Transcript Taxation of Resident Entities (Cont`d)

DOING BUSINESS IN NIGERIA
Presented By:
SOLA OYETAYO
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Contents
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Page(s)
Introduction
3-4
Forms of Business Organisation
5
Business Administration
6
Taxation
7-46
Investment Initiatives
47-48
Important Commercial / Legal Aspects
49-54
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Introduction
 Nigeria is located in West Africa.
 It shares land borders with Niger in the North,
Republic of Benin in the West, Chad and
Cameroon in the East. Its coast in the South lies
on the Gulf of Guinea on the Atlantic Coast.
 The Administrative Capital is Abuja, which is
located in the North Central while the
Commercial Capital is Lagos, located in the
South West.
 The official language is English and operates
Federal Presidential Republic in governance.
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Introduction (Cont’d)
 The total Area is 923,768 Sq km2 (356,667 Sq
metres).
 Nigeria is the most populous country in Africa;
its population is about 160million. It’s often said,
‘for every 4 Africans is 1 Nigerian’.
 It is the most populous country in the world in
which the majority of the population is black?
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Forms of Business Organisation
Forms of business organization in
Nigeria include limited liability companies,
joint ventures and partnerships. With some exceptions, foreign
companies are not allowed to do business in Nigeria unless they are
incorporated there. Limited liability companies may be public or
private.
A private limited liability company is one that restricts the right to
transfer its shares, limits the number of shareholders to fifty, and
does not allow the public to subscribe for its shares. Any other
company is a public limited liability company. Public limited liability
companies must have at least seven shareholders. Joint ventures and
partnerships are not taxed in the same way as incorporated entities;
each partner’s share of profits is taxed on an individual basis.
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Business Administration
Accounting Requirements
All entities are expected to prepare their financial statements. Such
statements are filed with Corporate Affairs Commission within 42
days after the annual general meeting for the year.
Nigeria has adopted International Financial Reporting Standards
(IFRS). All listed companies are to report in IFRS with effect from
January 1, 2012. Other PIEs reporting date is January 1, 2013 and
SMEs reporting date is January 1, 2014. In effect, as from January 1,
2014, all companies operating in Nigeria are to report in IFRS
format.
Auditing Requirements
All companies are required to audit their financial statements every
year.
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Taxation of Resident Entities
A resident company pays tax on its worldwide income. A
resident company is one that is incorporated or registered in
Nigeria. The tax is administered by the Federal Board of Inland
Revenue.
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Corporate Income Tax Rates - The corporate income
tax rate is currently 30%. Petroleum companies are taxable
under a special regime. (See “Petroleum Profit Tax”).
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Taxation of Resident Entities (Cont’d)
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A minimum tax is levied to ensure that, unless exempt, every
company pays a certain amount of corporate income tax.
The minimum tax is payable by a company where in any year
of assessment the total assessable profits from all sources of
a company results in a loss or no tax being payable or tax
payable that is less than the minimum tax. Where turnover is
N500,000 or less, the minimum tax is the highest of 0.5% of
gross profits or 0.5% of net assets, or 0.25% of paid-up
capital or 0.25% of the turnover. Where turnover is higher
that N500,000, an additional tax calculated at the rate of
0.125% of turnover over N500,000 is payable.
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Taxation of Resident Entities (Cont’d)
Agricultural or agro allied companies, companies with at least
25% foreign equity, and any company in the first four years of
commencement of business are not required to pay the
minimum tax.
A company is liable for tax at the corporate income tax rate
on dividends declared if total profits are less than dividends
declared. In addition to corporate income tax, education tax is
payable at 2% of adjusted net profits before the deduction of
capital allowances (See “Education Tax”). The effective rate of
tax will be reduced if a company is eligible for the tax bonus
described below.
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Taxation of Resident Entities (Cont’d)
Taxable Income
Taxable income is a company’s income, less allowable
deductions and losses. Income of a capital nature is not
included in taxable income.
Investment Income
Dividends, interest, royalties and other
types of investment income are subject
to withholding taxes. Most Nigerian withholding taxes on
investment income are final. However, in some cases, the
income must also be included in taxable income for corporate
income tax purposes.
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Taxation of Resident Entities (Cont’d)
Foreign Source Income
Nigeria has signed several treaties that provide relief from the
double taxation of income (see Table 3). Unilateral credit relief
is not available to corporate taxpayers. However income tax
paid in non-treaty countries is deductible if Nigeria also taxes
the income.
Capital Gains
Capital gains are not subject to corporate income tax. Instead
a separate tax on capital gains applies. The rate is currently
10%.
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Taxation of Resident Entities (Cont’d)
Exchange Gains and Losses
Exchange fluctuations are considered for tax purposes if they
are realised and are considered revenue in nature.
Deductions
All expenses wholly, exclusively, necessarily and reasonably
incurred in earning the profits of a company are deductible for
tax purposes.
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Taxation of Resident Entities (Cont’d)
Depreciation
No deduction is allowed for depreciation charged by a
company in its financial statements. Instead, capital allowances
at various rates are granted for qualifying capital expenditure.
Capital allowances are restricted to two thirds of assessable
profit, except in the case of agro allied industries and
manufacturing trade or business. The allowances are granted
(after allowing for residue costs) on a straight-line basis at the
rates shown in Table 2.
Interest
Payments of interest are normally deductible for tax purposes.
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Taxation of Resident Entities (Cont’d)
Management Fees
Management contracts must be approved by the Federal
Board of Inland Revenue. The deduction of management fees
may be limited based on approval.
Taxes
Corporate income tax is not deductible. Income taxes levied
by foreign countries may be deductible (See “Foreign-source
Income” and “Local Taxes”).
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Taxation of Resident Entities (Cont’d)
Other Expenses
Bad and doubtful debts that are specific in nature are
deductible. Provisions for future expenses are generally not
deductible. No deduction is allowed for formation and start-up
costs charged by a company in its financial statements. Limited
deductions are available for contributions made to approved
pension funds and for donations to specified charitable,
educational and scientific institutions.
Tax Treatment of Losses
Losses may be deducted from taxable income in the first four
years following that in which they were incurred. The carry
forward period is not limited in the case of agro-allied
enterprises. Losses may not be carried back.
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Taxation of Resident Entities (Cont’d)
Capital Allowance Rates
Refer to Table 2 for the Capital Allowance Rates.
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Taxation of Non-Resident Entities
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A non-resident entity such as a company or corporation is any
entity that is not registered or incorporated in Nigeria. Nonresident entities are liable for tax on income derived from
Nigeria at the same rates as resident entities. Dividend, interest
and royalty income derived by non-resident entities are subject
to a final withholding tax. Tax credits can be claimed by entities
resident in countries that have signed double tax treaties with
Nigeria.
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The determination of whether income was derived from
Nigeria is based on whether a fixed base exists in Nigeria,
whether a business is operated through a dependent agent,
whether a turnkey project has been executed and whether
activities that are not at arm’s length have been conducted with
a Nigerian subsidiary.
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Taxation of Non-Resident Entities (Cont’d)
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A fixed base exists when permanent facilities have been built.
Business operations giving rise to a fixed base include
construction, installation or assembly activities and the
performance of services connected with those activities. A
fixed base does not include facilities that only display or store
goods or collect information. Assessment for taxes is based on
a fair and reasonable percentage of the turnover attributable
to the fixed base, usually 20%.
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A dependent agent is one whose activities are devoted wholly
or nearly wholly to an entity. Assessments for tax are based on
the profits attributable to the trade or business carried on by
the dependent agent. The dependent agent must withhold tax
on all amounts due to the company. The commissions of any
agent are subject to Nigerian Tax.
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Taxation of Non-Resident Entities (Cont’d)
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A turnkey project is a simple operation involving surveys,
construction, installation and deliveries and includes offshore
profits. Assessment for tax is based on a fair and reasonable
percentage of the turnover of the contract.
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Activities with Nigerian subsidiaries that are not at arm‟s
length are assessed for taxes on a fair and reasonable
percentage of the turnover as may be determined by the
federal tax authorities. Payments in terms of a subcontract to a
Nigerian company by a non-resident company are allowed as
an expense, limited to the cost of the main contract.
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Tax Treatment of Groups of Companies
Nigerian law does not allow groups of companies to combine
their results for tax purposes. The transfer of assets between
companies is taxable where a gain is made. Inter-company
dividends are franked investment income. Each company in a
group is treated as a separate entity for tax purposes.
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Tax Treatment of Branches and
Subsidiaries Compared
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Non-resident companies are not normally allowed to conduct
business in Nigeria without first incorporating a resident entity.
However, exceptions do exist, especially when the Nigerian
branch is to be engaged in an export activity or other
approved or promoted activity.

The rates of tax applying to branches are the same as those
applying to resident subsidiaries. However, the tax base differs.
While a resident subsidiary is taxable on its worldwide income,
only income that is derived from Nigeria is taxable in the case
of a branch. This taxable income may be computed using
various methods, depending on the nature of the non-resident
company’s establishment in Nigeria.
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Corporate Assessments and Payments
The tax year in Nigeria is the calendar year ending 31 December.
A corporate taxpayer must file an annual return, based on its
income for the accounting year. The return is due within six
months after the end of the accounting year. The taxpayer’s
audited financial statements should accompany the return.
Self assessment is encouraged. A tax bonus of 1% is granted to
entities that file self- assessed returns and pay their tax promptly.
The tax can be paid in full or, if the tax authorities so approve, in
instalments over a period of not more than six months. Default
in payment attracts interest and penalties. Provisional tax equal to
the tax liability of the preceding year is payable between January
and March by entities that do not file self- assessed returns.
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Corporate Assessments and Payments
(Cont’d)
A taxpayer that fails to file a return would be assessed by the
tax authorities to the best of their judgement. However, these
assessments tend to be arbitrary and an objection to such an
assessment is valid only if made within thirty days of the date
of service and is accompanied by a tax computation and
financial statements. Additional assessments can be raised after
the tax authorities examine the taxpayer‟s financial statements.
Assessments are also raised on a capital gains liability with
respect to the disposal of capital assets. Assessment notices
are usually delivered by registered post to the registered office
of known address of the corporate taxpayer.
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Tax Treatment of Individuals
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Personal Income tax is generally levied by the state in which an
individual resides. The federal government levies tax on nonresident individuals, members of the Nigerian Armed Forces
and officers of the Nigerian Foreign Service, and certain other
individuals. Rates and reliefs are uniform in all states in Nigeria.
Residents are, in principle, taxable on their worldwide income,
however, some types of foreign income are exempt, as
described below under “Foreign Source Income”. Individuals
who stay in Nigeria 183 days within a twelve month period are
liable for Nigerian tax as residents.
Non-residents are subject to tax on their Nigerian-source
income. The tax is usually paid by way of withholding at source.
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Tax Treatment of Individuals (Cont’d)
Treatment of Families
Spouses are treated as separate taxpayers in Nigeria.
Personal Income Tax Rates
Personal income tax rates are shown in Table 1. Employees
earning no more than N30,000 are subject to a minimum of
tax of 5%. Taxable income excludes compensation for the loss
of an office and gratuities.
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Tax Treatment of Individuals (Cont’d)
Employment Income
Income from employment includes salaries, wages, benefits,
whether in cash or in kind. Receipts that constitute a
reimbursement of expenses by an employer are not taxable.
Benefits in kind are generally valued at a percentage of their
cost to the employer.
Business Income – Taxable business income for individuals is
calculated in a manner similar to that described at “Taxation of
Resident Entities” for companies. Some differences exist. For
example individuals are not permitted to set-off losses
incurred from any business against income from other sources.
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Tax Treatment of Individuals (Cont’d)
Dividend Income
Dividend income is subject to a final 10% withholding tax. Individual
shareholders in a resident company that is controlled by five or
fewer persons may be required to include the undistributed profits
of the company in their taxable income if these profits could be
distributed as dividends without jeopardizing the company‟s
business.
Foreign-source income
Foreign-source income of Residents are taxable if it is remitted to
Nigeria. Foreign-source income in convertible currency arising from
salaries, dividends, interest, rents, royalties, fees or commissions is
exempt if brought into Nigeria through approved channels. Income
brought into Nigeria through domiciliary accounts by athletes,
playwrights, authors, musicians, artists and temporary guests who
are professionals is also exempt.
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Tax Treatment of Individuals (Cont’d)
Deductions and Reliefs
Allowances granted to resident individuals are shown in Table
1. Such allowances are deductible from the individual‟s taxable
income.
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Personal Assessments and Payments
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The tax year coincides with the calendar year – An individual in
full-time employment is taxed under the pay-as-you earn
(PAYE) system. The employer withholds personal income tax
from the employee‟s salary or wages and pays it over to the
tax authorities within a period of fourteen days after
deduction. An individual whose only source of income is
employment income received from a single employer needs to
file a tax return unless his or her employment income does
not exceed N30,000 per year.
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Personal Assessments and Payments
(Cont’d)
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Other individuals pay tax by self-assessment or direct
assessment. Filing a self-assessment return is encouraged by
granting a 1 % bonus to persons filing such returns on time.
Financial statements and schedules, when applicable must
accompany the self-assessment return. Payments may be made
in full or, upon application, in instalments. Withholding tax
suffered at source can be used to offset income tax due.
Objections and appeals are permitted, penalties and interest
are levied for late payments or failure to file returns.
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Withholding Taxes
Dividends
Resident companies must deduct withholding tax at 10% from all
payments for dividends. The rate is reduced to 7.5% in the case of
dividends paid to recipients resident in treaty partner countries (See
Table 3).This tax is final for both resident and non-resident
recipients. Furthermore, the resident company can offset the
withholding tax on the dividends it receives against the tax payable
with declared dividends from its own profit..
Interest
A withholding tax of 10% applies to payments of interest to both
residents and non-residents unless the interest is exempt. Exempt
interest includes interest on savings accounts, provided that the
amount deposited is under N50,000.
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Withholding Taxes (Cont’d)
Certain types of loan interest are exempt or partially exempt,
depending on the term of the loan, including interest on
foreign currency loans in excess of N5million or on loans used
for manufacturing exported goods.
The recipient of interest can claim exemption BUT the payer
is still obliged to withhold.
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Withholding Taxes (Cont’d)
Royalties and Other Payments
Tax should also be withheld from royalties at the rate of 10%
in respect of royalty payments to both companies and
individuals. Payments such as management consulting fees and
fees for technical services and commission are subject to
withholding tax at rates of 10% for corporate recipients and
5% for individuals. Also a 10% withholding tax applies to all
rental payments and director‟s fees. These withholding taxes
are final for non-residents recipients, however, they may not be
final for residents.
Rates Under Double Tax Treaties – Nigeria has treaties in
force with several countries. (See Table 3.)
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Other Taxes
Various other taxes, such as capital gains tax, petroleum profit
tax, and education tax are imposed in Nigeria. Some are levied
by the federal government and some by state and local
governments.
Capital Gains Tax
Capital gains tax is levied at the rate of 10% on gains from
disposals of fixed assets that are not personal chattels. The
taxable gain is the difference between the proceeds of the sale
and the cost of an asset. Stocks, shares, motor vehicles not
normally used for commercial purposes are exempt. There is
no relief for capital losses.
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Other Taxes (Cont’d)
Petroleum Profit Tax
The Income of a petroleum company is subject to petroleum
profit tax rather than corporate income tax. Income for the
purposes of petroleum profit tax, refers to the value of the oil
and related substances extracted, except gas, plus any other
income of the company. Various deductions are allowed. The tax
rate is normally 85%. The penalty for gas flaring is N1 0 per 1,000
cubic feet.
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Other Taxes (Cont’d)
Education Tax
Education tax at the rate of 2% is payable by all resident
companies. The tax base is the company’s adjusted/assessable
profits for corporate income tax or petroleum profit tax
purposes before the deduction of capital allowances. The tax is
payable by self- assessment or by assessment notices issued by
the federal tax authorities. The tax is an allowable expenditure
for petroleum profit tax purposes.
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Other Taxes (Cont’d)
Value Added Tax (VAT)
Value Added Tax (VAT) is payable at a flat rate of 5% on
taxable supplies of goods and services, including imports.
Exempt goods and services include basic foodstuffs; medicines;
medical devices; and medical services; and exported goods and
services.
Most businesses are obliged to register for VAT purposes. An
exemption applies to individuals and small-scale traders, who
may nevertheless register voluntarily so that they can recover
VAT that they pay on business related purchases. Exempt
businesses should not charge VAT on their goods and services.
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Other Taxes (Cont’d)
Value Added Tax (Cont’d)
VAT returns are filed on a monthly basis, along with any
payments due. The returns cover the VAT paid (Input VAT) and
VAT received (Output VAT) in the previous month. If the Input
VAT paid by the taxpayer exceeds the Output VAT charged to
the taxpayer‟s customers, the taxpayer may apply for a refund.
Input VAT does not include VAT paid on revenue expenses
which are otherwise charged to the Profit and Loss Account.
Various penalties and interests are charged on violations of the
VAT law.
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Other Taxes (Cont’d)
Social Security Contributions
Employers and employees must contribute to a fund that
provides old age, sickness, disability and survivors benefits. Rates
of 6.5% for the employer and 3.5% for the employee, apply to the
employee‟s basic annual salary. The maximum contribution levels
are N2,860 per month for the employer and N1 ,540 per month
for the employee.
However with effect from January 1, 2005 NSITF contribution
has been suspended and a Pension Reform Act No 2 of 2004'
which was passed into law on June 1, 2004 has replaced it. Other
than the military, the employee is to contribute a minimum of
7.5% of his/her emolument and the employer to contribute a
minimum of 7.5%.
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Other Taxes (Cont’d)
Employers with twenty-five or more employees must also
contribute to an industrial training fund. The rate is 1% of
gross payroll. Approved training costs are reimbursed by the
fund.
Pre-operational Levy
A new company that has not commenced business operations
within six months after incorporation must pay a preoperational levy of N500 for the first year and N400 in each
subsequent year until it can be assessed on normal business
operations.
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Other Taxes (Cont’d)
Local taxes
Local taxes in the form of township and tenements rates are
imposed by city and local governments. Some state
governments levy road taxes and property tax on owners.
Various other state taxes are also levied. Local taxes are
normally deductible expenses.
Stamp Duties
Stamp duties are charged by both federal and state
governments on various commercial and legal documents, such
as transfers of deeds, insurance policies and bills of exchange.
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Other Taxes (Cont’d)
Customs and Excise Duties
Imported goods are subject to customs duties. Excise duties
are levied on a number of products considered hazardous to
health. Exports are exempt.
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Tables
TABLE 1: PERSONAL INCOME TAX
Personal Income Tax Rates
Band of Taxable Income (N)
Rate of Tax on Band (%)
0
- 30,000
5
30,001
- 60,000
10
60,001
- 110,000
15
110,001
- 160,000
20
Over 160,000 25
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Tables (Cont’d)
TABLE 1: PERSONAL INCOME TAX (Cont’d)
Personal Allowances for Residents
Type of Allowance
Amount
Personal
N5,000 plus 20% of earned income
Child (under 16 yrs or receiving full time education)
N2,500 per child (max of four)
Dependent relative
N2,000 per relative (max of two)
Life Issuance or Deferred Annuity premiums
Actual premium for self or spouse
Employed taxpayer with disabilities
Greater of 20% of earned income
or N3,000
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Leave grant
10% of annual basic salary
Rent
N150,000
Transport
N20,000
Meal
N5,000
Utility
N10,000
Entertainment
N6,000
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Tables (Cont’d)
TABLE 2: CAPITAL ALLOWANCE RATES
Annual Rate
Type of Asset or Expenditure
Initial Rate (%)
(%)
Buildings (industrial and non-industrial)
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10
Plant & Machinery:
Plant and machinery purchased to replace
old plant & machinery (a)
Agriculture production plant (b)
Other plant
Plantation equipment (b)
Other ranching and plantation
Mining expenditure
Research and Development Equipment
Housing Estate Expenditure
Furniture & Fittings
Public Transportation Motor Vehicles
Other Motor Vehicles
95
95
50
95
30
95
95
50
25
95
50
0
0
25
0
50
0
0
25
20
0
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Notes
(a) An investment tax credit of 15% is granted on expenditure for
replacement of old plant and machinery.
the
(b) An additional 10% investment allowance is granted to companies on
cost in the year in which new plant and machinery acquired. The limit
on capital allowances is 95% of cost.
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Tables (Cont’d)
TABLE 3: WITHHOLDING TAX RATES
Country of Recipient
Dividends
Interest (a)
(%)
Royalties
(%)
10
(%)
10 7.5 7.5 7.5 7.5
10
7.5 7.5 7.5 7.5
7.5 7.5 7.5 7.5
7.5 7.5
7.5 7.5
7.5 7.5 7.5 7.5 7.5
7.5
Non Treaty Countries (c):
Treaty Countries:
Belgium
Canada
Republic (b)
Czech
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
Rent
(%)
France Netherlands
Pakistan Philippines
10 7.5 7.5 7.5
Poland
Romania
United Kingdom
7.5 7.5 7.5 7.5
7.5 7.5 7.5
Notes
•Some tax treaties exempt certain types of interest, including interest paid to the government, an agency of the
government, or a local authority. Specific treaties should be consulted.
•The rates shown are those given in the treaty signed with Czechoslovakia. Since the dissolution of Czechoslovakia,
the treaty is believed to continue to apply to both the Czech Republic and Slovakia.
•Negotiations have been concluded with China, Bulgaria and Mauritius.
•The Treaty with South Africa has been signed.
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Investment Initiatives
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Various investment incentives are available to foreign investors.
They include import concessions, tax exemptions for exported
products, tax reductions for qualifying companies, and tax
deductions for research and development expenses.
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Additional investment allowances are granted on the basis of the
cost of qualified capital expenditure to investors that establish
operations in rural areas where facilities such as electricity, paved
roads, telephones and piped water are not available. These
allowances also apply to factories in bonded export free zones.
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Investment Initiatives (Cont’d)
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Special incentives are given to gas development projects
such as exemption from Value Added Tax and customs duties
on imported machinery and equipment, a five year tax free
period, a five year exemption from taxation of dividends, and
a 15% investment capital allowance. Gas projects separate
from oil and gas operations are assessed under the
Companies Income Tax Act at a lower rate than which
applies under the Petroleum Profit Tax Act.
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Important Commercial/Legal Aspects
Exchange Controls
The monetary unit is the Nigerian Naira (NGN).
The remittance of dividends is permitted, provided
that the share equity was imported. Equity share capital must be
brought into Nigeria through authorized dealers (banks).
A certificate of capital importation will be issued by the authorized
dealer. There are no restrictions on the percentage of profits that
can be distributed as dividends. The remittance of interest, royalties
and technical fees is also permitted, provided that the contracts for
royalties and technical fees were approved by the National Office for
Technology, Acquisition and Promotion (NOTAP).
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Local Participation of Management
Requirements
Foreign investors are encouraged to invest in any type of business in
Nigeria.
The monopolistic restrictions on some essential services are being
lifted to facilitate investment and participation by organized private
sector and similar strategic investors. There are no local participation
or management requirements, however the employment of qualified
indigenous staff and their participation in management is encouraged.
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Economy
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Nigeria economy can be regarded as a mixed economy
emerging market with oil playing a dominant role. It is the
12th largest producer of petroleum in the world and 8th
largest producer. 90% of the country’s earnings is from oil.
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Nigeria has a well developed Stock Exchange – Nigerian
Stock Exchange, which is the second largest in Africa
(market capitalization of
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Nigeria has one of the fastest growing telecommunication
market in the world and most of these operators have
Nigeria as their most profitable centres.
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Economy (Cont’d)
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Nigeria has a highly developed financial services sector,
Banks, Asset Management Companies, Discount houses,
Stock/Insurance brokage houses, Insurance Companies,
private equity and Investment banks.
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Nigeria is the United States largest trading partner in subSaharan Africa and supplies a fifth of its oil imports.
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Nigeria’s GDP is about $430.455 billion and the inflation
rate is 12.8%.
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Economy (Cont’d)
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The mainstay of Nigeria’s economy used to be Agriculture.
At one time Nigeria was the world’s largest exporter of
groundnuts, palm oil, cocoa and significant producers of
coconuts, citrus fruits, maize, millet, cassava, yam and sugar
cane. Nigeria still has potential to develop its underutilized
arable land.
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Economy (Cont’d)
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Nigeria is No. 1 destination for Investment in Africa.
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Nigeria recorded US $8.9billion in 2011 as Foreign Direct
Investment, out of a total of $42.7billion that Africa
recorded as Foreign Direct Investment inflow in the year.
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Contacts
Managing Partner
Sola Oyetayo
Email: [email protected]
Tel: 0802 290 6636
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