“Education Tax Must Be Paid Yearly By Every Company In Nigeria”.

DAILY LAW TIPS by Onyekachi Umah,Esq.(Tip 231)

“EDUCATION TAX MUST BE PAID YEARLY BY EVERY COMPANY IN
NIGERIA”.

In Nigeria, there is a tax known as Education Tax payable by all
companies registered in Nigeria and it is collected by the Federal
Inland Revenue Services (FIRS). So, Business Names are not to pay
Education Tax. It is calculated at the rate of 2% of assessable
profit of a company and is payable within 60 days of demand for
same. Refusing to pay education tax is an offence punishable with
punitive charge of 5% of the tax against the company. Where there
is a further delay for 2 months, it is punishable against all the
directors and key managers of the company with 6 months
imprisonment or fine of 1 million Naira for first time offenders
and 12 months or 2 Million Naira for subsequent offenders.

My authorities are is sections 1, 2, 10, 11, and 21 of the
Tertiary Education Trust Fund (Establishment, Etc) Act, 2011.

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