How is my tax computed?

Posted 24 February 2019 under Tax Q&A


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Michael says:
7 January 2019 at 16:03

How is my tax computed?

TaxTim TaxTim says:
8 January 2019 at 8:23

Personal Income Tax is computed on your agregate income after excluding relief and tax-deductible payments. The balance is subjected to tax using the graduated tax table below:
First N300,000 @7%
Next N300,000 @ 11%
Next N500,000 @ 15%
Next N500,000 @19%
Next N1,600,000 @ 21%
Above N3, 200,000 @ 24%.