Tax Insights NG

Nigeria's No.1 Tax Education Platform | Patriotic Nigerian | Simplifying Taxation

[Tax Insights NG @thetaxboy]

Tax Nugget Series 69: Filing Under the Presumptive Tax Regime

Where and how do you file under the Presumptive Tax Regime?

Featured in today’s The Punch Newspaper, Page 32.

Pick up a copy and turn to Page 32.

Read the @citntax CITN Tax Nugget every Monday in The PUNCH.

[Tax Insights NG @thetaxboy]

@IRStaxpros Thanks for this

[Tax Insights NG @thetaxboy]

In plain terms: once WHT of 10% is deducted on your dividend, that's it. No further tax is imposed. No double taxation on the same income.

[Tax Insights NG @thetaxboy]

Dividend Income

How your dividend income is treated. 📊

(NTAA 2025, Section 51(3)): Dividend distributed by a Nigerian company, after tax is deducted at source, is classified as Franked Investment Income (FII) and shall NOT be charged to further tax.

[Tax Insights NG @thetaxboy]

@KiingDeji 2. Your Business size does.

And I would also put it that your form of business determines the kind of tax to pay.

Example: a Sole proprietorship pays Personal Income Tax because the business he has is not incorporated as a separate entity while a Company itself pays CIT

[Tax Insights NG @thetaxboy]

Sunday Tax Clinic is open. 🩺
Whatever's been sitting in your head about the 2025 tax reforms, PAYE, VAT, FII or anything else. This is the time to ask.
No question is too basic. If you feel unsure about how something actually applies to you, drop it below. 👇

[Tax Insights NG @thetaxboy]

@KiingDeji 1. A Small business doesn't pay Company Income Tax as far as it doesn't earn a gross turnover exceeding 100,000,000 naira and its total fixed asset exceeding 250,000,0000 naira (Section 201 of NTA - General Interpretation)

[Tax Insights NG @thetaxboy]

@Jay_theanalyst Note that this is applicable only to Taxable Persons that is a person eligible to pay tax

[Tax Insights NG @thetaxboy]

@Jay_theanalyst According to Section 100 of NTAA. A taxable person who refuses to register is liable to pay and administrative penalty of 50,000 naira in the first month of failure and 25,000 naira for each subsequent month of failure.

[Kwara State Internal Revenue Service @KwaraIRS]

PRESS STATEMENT ON MANDATORY USE OF TAXPAYER IDENTIFICATION (TAX ID) ON ALL OFFICIAL TRANSACTIONS AND DOCUMENTS

The Kwara State Internal Revenue Service (KW-IRS) notifies the general public, particularly taxable persons, including corporate organizations and relevant...

[Tax Insights NG @thetaxboy]

PRESS STATEMENT ON MANDATORY USE OF TAXPAYER IDENTIFICATION (TAX ID) ON ALL OFFICIAL TRANSACTIONS AND DOCUMENTS

The Kwara State Internal Revenue Service (KW-IRS) @KwaraIRS notifies the general public, particularly taxable persons, including body corporate and non-corporate.

[Tax Insights NG @thetaxboy]

@AdewunmiFathiaA Congratulations 🎉👏

[Tax Insights NG @thetaxboy]

How it works in simple terms:
A business sells you something → adds VAT on top
The business collects that VAT from you
The business remits it to the government
Standard rate: 7.5%

[Tax Insights NG @thetaxboy]

Ever notice that extra amount added to your bill at the supermarket? That's VAT. 🧾
VAT (Value Added Tax) is a consumption tax — you pay it when you buy goods or services, not on your income or profits.

[Tax Insights NG @thetaxboy]

Why it matters: get this wrong on your invoices and you either overcharge customers or lose money you could've reclaimed.
One real change under the reforms: humanitarian-project goods moved from zero-rated to exempt.

Follow @thetaxboy for more

[Tax Insights NG @thetaxboy]

Nigeria's VAT rules just got a shake-up.

[Tax Insights NG @thetaxboy]

Zero-Rated (S 187, NTA 2025): Taxed at 0%. The seller charges no VAT, but can still claim back input VAT on their own purchases. Full participation in the VAT system,
Exempt (S 186, NTA 2025): No VAT charged at all but the seller also can't recover input VAT on their purchases.

[Tax Insights NG @thetaxboy]

@SteveFrosh60708 Yes sir

[Tax Insights NG @thetaxboy]

Nigeria’s improving investor pitch runs into a tax problem
https://t.co/AAWINV5oln

Why Nigeria wants oil tax relief to do what decade of talks couldn’t
https://t.co/tPquR5ZG7z

One year on: Egbunefu tightens Rivers revenue system, plugs leakages
https://t.co/W82wCyBw1Q

[Tax Insights NG @thetaxboy]

*13th August, 2026*

New tax rules put employee perks under fresh scrutiny
https://t.co/hOrN9mOLri

FG to launch taxpayer charter, defines rights, obligations
https://t.co/8dNmfiyCd6

Govt approves tax waivers for 4,000 electric vehicles
https://t.co/nnCPu4LS4Q