You Won’t Pay Tax If You Earn Below ₦800,000 a Year
You Won’t Pay Tax If You Earn Below ₦800,000 a Year
There has been a lot of confusion and wrong information about the new tax law. To be clear, anyone who earns less than ₦800,000 in a year will not be required to pay tax.
For those earning above ₦1 million annually, only a portion of the income is taxed. The first ₦800,000 is completely tax-free, while tax is applied only to the remaining amount. For example, if you earn ₦1 million, tax will be charged only on the extra ₦200,000.
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