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

“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. #DailyLawTips #SabiLaw #LearnNigerianLaws NOTE: Sharing or modifying or publishing this publication without giving credit to Onyekachi Umah, Esq. and “LearnNigerianLaws.com” is a criminal breach of copyright and will be prosecuted. Please share this publication till it gets to those that need it most. Save a Nigerian today! To receive our Daily Law Tips for free follow our Facebook page, Twitter, Instagram and YouTube via “@LearnNigerianLaws”. This is the writer’s view not a legal advice and does not create any form of relationship. You may reach the writer for more information. Powered by www.LearnNigerianLaws.com]]>