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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