Education Tax Must Be Paid Yearly By Every Company In Nigeria

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

By Onyekachi Umah, Esq

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. 5% 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.

References:

Sections 1, 2, 10, 11, and 21 of the Tertiary Education Trust Fund (Establishment, Etc) Act, 2011.

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Feel free to reach the author, ask questions or make inquiries on this topic or any other legal issues via onyekachi.umah@gmail.com or +2348037665878.

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Onyekachi Umah, Esq., LL.M, ACIArb(UK)

Onyekachi Umah is an exceptional Legal Practitioner, Arbitrator, Notary Public and Legal Awareness Expert with over a decade of experience in civil law, criminal law and human rights. He holds a Master of Laws; a Master of Business Administration (mini) and he is a doctoral candidate. Mr Umah is the Managing Partner of the law firm of Bezaleel Chambers International (BCI), where he consults and provides legal services to several national and international organisations, including the United Nations. Aside from his very engaging legal practice, Mr Umah runs a legal awareness organisation (Sabi Law Foundation) and he diligently publishes free daily law tips, every day on www.LearnNigerianLaws.com since 2017. He has published over 820 legal articles in diverse areas of law, delivered over 35 public lectures, anchored over 67 law radio/tv shows and supported several legal and developmental projects across Africa. Click to read more.

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