Nitamis Legal

‎NEW NIGERIA TAX LAW IN SIMPLE TERMS 🇳🇬
‎
‎Many people think everyone must pay tax.🤷🏾‍♀️ Under the new tax law, that is not true. Here's how it works 👇🏽
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‎INDIVIDUALS (Workers & Traders)
‎If your total income in a year is ₦800,000 or less: 👉🏾You pay NO personal income tax.
‎
‎If you earn more than ₦800,000, you pay tax on the amount above ₦800,000 like this:👇🏾
‎• ₦800,001 – ₦3 million pay 15%
‎• ₦3m – ₦12m pay 18%
‎• ₦12m – ₦25m pay 21%
‎• ₦25m – ₦50m pay 23%
‎• Above ₦50m pay 25%
‎(Each portion of your income is taxed at the rate for that band.)
‎
‎BUSINESS NAME OWNERS (Sole Proprietors)
‎If your business profit for the year is ₦800,000 or less:
‎👉🏾NO personal income tax
‎If your profit is more than ₦800,000:
‎👉🏾You pay personal income tax based on the same bands above.👆🏾
‎
‎SMALL COMPANIES (LIMITED LIABILITY)
‎Your company is a small company if:
‎✔️ Annual turnover is ₦50 million
‎✔️ Total fixed assets is ₦250 million
‎👉🏾NO Company Income Tax = 0% (ZERO tax)
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‎BIG COMPANIES
‎If your company’s turnover is above ₦50 million or fixed assets are above ₦250 million: 👉🏾 Company Income Tax = 30%
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‎⚠️ VERY IMPORTANT
‎Paying zero tax does NOT mean:
‎❌ No CAC registration
‎❌ No filing of returns
‎✔️ You must still register your business
‎✔️ File tax returns
‎✔ Stay compliant
‎Tax law is now more friendly,
‎but compliance is still compulsory.
‎
‎📩 Need help with company registration, upgrade of business name to Limited Liability Company, or tax compliance?
‎Send us a DM - Nitamis Legal
‎.

Many business owners don’t know this, but it is absolutely possible to upgrade a registered Business Name to a Limited Liability Company.💯

The process involves proper documentation and registration with the Corporate Affairs Commission (CAC) to ensure your business is fully compliant and well-structured for growth.📌🌲

At Nitamis Legal, we guide you through the entire procedure seamlessly — from name availability to incorporation.💯

📩 Send us a message to get started.

Happy Birthday to Me 🎊🎉💜

My story is simple; I'm marvelously helped by God, and His help shows in every part of my life. This new year, I walk with deeper gratitude, clearer purpose, and a heart full of peace.✌🏾😍

Grace has carried me, favour has spoken for me, and mercy has never failed me.💯
Here's to a new chapter overflowing with light, blessings, favour, growth, and divine help on every side.💯

Cheers to my new year 🥂

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AUGUST!
Higher grounds 🌄
New beginnings 🌱
Joy unfiltered 😄
Grace unprecedented ✨
Mercy overflowing 💧
Favour uncommon 🕊️

Walk boldly into August, it’s already aligned in our favour. 💜

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