{"id":38958,"date":"2017-06-20T11:03:02","date_gmt":"2017-06-20T11:03:02","guid":{"rendered":"http:\/\/localhost:8888\/cregital\/disha\/2017\/06\/20\/what-is-personal-income-tax-pit\/"},"modified":"2017-06-20T11:03:02","modified_gmt":"2017-06-20T11:03:02","slug":"what-is-personal-income-tax-pit","status":"publish","type":"post","link":"https:\/\/msmehub.org\/staging\/6671\/what-is-personal-income-tax-pit\/","title":{"rendered":"What is Personal Income Tax (PIT)?"},"content":{"rendered":"<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">In Nigeria, individuals are required to pay tax on the income derived from a trade, business, profession, vocation or employment (self-employed and employees), partnerships, executors and trustees and communities and families. Examples of these trade, business, profession, and vocation are Tailoring, hairdressing, recruitment agents, plumbing, carpentry, cyber\/ internet cafe operators, landlords, petty trading, car wash, bars and restaurants, catering etc.<\/span><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\"><br \/><\/span><\/p>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">The Personal Income Tax Act (PITA) provides guidelines for managing the taxes of individuals.<\/span><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\"><br \/><\/span><\/p>\n<p>\n<strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">Taxing authority<\/span><\/strong><\/p>\n<p><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\"><\/span><\/strong><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">The State Board of Internal Revenue (SBIR) located where the tax payer lives is responsible for managing his or her PIT. However, the Federal Inland Revenue Service (FIRS) is responsible for managing PIT for individuals living in the Federal Capital Territory (FCT), members of the armed forces and Nigeria police force; staff of the ministry of foreign affairs, and non-resident individuals.<\/span><\/p>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\"><\/span><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">Forms of PIT assessments for Micro Small and Medium Enterprises (MSME)<\/span><\/strong><\/p>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">There are two types of scheme for the purpose of filing PIT in Nigeria. These are described below:<\/span><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\"><br \/><\/span><\/p>\n<ul>\n<li>Direct assessment: Individuals who are not employed, but earn income either through trade, business profession, and vocation are taxed under the direct assessment scheme. Under this scheme, the individual is required to determine his\/her PIT and remit it to the relevant tax authority (RTA) on an annual basis, in accordance with PITA &#8211; This will be SBIR\/FIRS depending on where the tax payer lives. The individual is required to make the payment and filing by 31 March every year. For instance, filing for the tax year 1 January 2016 to 31 December 2016 should be filed by 31 March 2017.<\/li>\n<li>PAYE: PIT for individuals in paid employment come under this scheme. Employers are responsible for deducting and remitting income tax from the employees&#8217; income and make payment to the designated bank account of the RTA on a monthly basis. The designated bank will issue the employer with a revenue receipt to serve as proof of payment by the employer.<\/li>\n<\/ul>\n<p><\/p>\n<ul><\/ul>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\"><\/span><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">The owner of the MSME Business is required to file his tax return under direct assessment whilst the tax returns of the employees should be filed under PAYE tax system. Where the owner of the Business has structured his expenses such that he receives monthly payment, as his\/her own salary, his monthly salary should be captured under PAYE tax scheme.<\/span><\/p>\n<p><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">Tax year<\/span><\/strong><\/p>\n<p><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\"><\/span><\/strong><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">In Nigeria, the tax year is 1 January to 31 December<\/span><\/p>\n<p><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">Tax rate<\/span><\/strong><\/p>\n<p><span style=\"line-height: 107%; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">PIT is calculated on a graduated scale and on actual year basis.<\/span><\/p>\n<table width=\"0\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"168\" valign=\"top\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Annual income band<\/span><\/strong><\/p>\n<\/td>\n<td width=\"54\" valign=\"top\">\n<p align=\"center\"><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Rate<\/span><\/strong><\/p>\n<\/td>\n<td width=\"126\" valign=\"top\">\n<p align=\"center\"><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Total tax on annual income bracket<\/span><\/strong><\/p>\n<\/td>\n<td width=\"126\" valign=\"top\">\n<p align=\"center\"><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Monthly income band<\/span><\/strong><\/p>\n<\/td>\n<td width=\"60\" valign=\"top\">\n<p align=\"center\"><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Rate<\/span><\/strong><\/p>\n<\/td>\n<td width=\"132\" valign=\"top\">\n<p align=\"center\"><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Total tax on monthly income bracket<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"168\" valign=\"top\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">First N300,000<\/span><\/strong><\/p>\n<\/td>\n<td width=\"54\" valign=\"top\">\n<p align=\"center\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">7%<\/span><\/p>\n<\/td>\n<td width=\"126\" valign=\"top\">\n<p align=\"right\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">N21,000<\/span><\/p>\n<\/td>\n<td width=\"126\" valign=\"top\">\n<p><span style=\"mso-spacerun: yes;\">&nbsp;<\/span><span style=\"font-size: 14px;\">First 25,000.00<\/span><\/p>\n<\/td>\n<td width=\"60\" valign=\"top\">\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">7%<\/span><\/p>\n<\/td>\n<td width=\"132\" valign=\"top\">\n<p align=\"right\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">N21,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"168\" valign=\"top\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Next N300,000<\/span><\/strong><\/p>\n<\/td>\n<td width=\"54\" valign=\"top\">\n<p align=\"center\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">11%<\/span><\/p>\n<\/td>\n<td width=\"126\" valign=\"top\">\n<p align=\"right\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">N54,000<\/span><\/p>\n<\/td>\n<td width=\"126\" valign=\"top\">\n<p><span style=\"font-size: 14px;\">Next <span style=\"mso-spacerun: yes;\">&nbsp;<\/span>25,000.00<\/span><\/p>\n<\/td>\n<td width=\"60\" valign=\"top\">\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">11%<\/span><\/p>\n<\/td>\n<td width=\"132\" valign=\"top\">\n<p align=\"right\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">N54,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"168\" valign=\"top\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Next N500,000<\/span><\/strong><\/p>\n<\/td>\n<td width=\"54\" valign=\"top\">\n<p align=\"center\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">15%<\/span><\/p>\n<\/td>\n<td width=\"126\" valign=\"top\">\n<p align=\"right\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">N129,000<\/span><\/p>\n<\/td>\n<td width=\"126\" valign=\"top\">\n<p><span style=\"font-size: 14px;\">Next <span style=\"mso-spacerun: yes;\">&nbsp;<\/span>41,666.67<\/span><\/p>\n<\/td>\n<td width=\"60\" valign=\"top\">\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">15%<\/span><\/p>\n<\/td>\n<td width=\"132\" valign=\"top\">\n<p align=\"right\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">N129,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"168\" valign=\"top\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Next N500,000<\/span><\/strong><\/p>\n<\/td>\n<td width=\"54\" valign=\"top\">\n<p align=\"center\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">19%<\/span><\/p>\n<\/td>\n<td width=\"126\" valign=\"top\">\n<p align=\"right\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">N224,000<\/span><\/p>\n<\/td>\n<td width=\"126\" valign=\"top\">\n<p><span style=\"font-size: 14px;\">Next 41,666.67<\/span><\/p>\n<\/td>\n<td width=\"60\" valign=\"top\">\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">19%<\/span><\/p>\n<\/td>\n<td width=\"132\" valign=\"top\">\n<p align=\"right\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">N224,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"168\" valign=\"top\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Next N1,600,000<\/span><\/strong><\/p>\n<\/td>\n<td width=\"54\" valign=\"top\">\n<p align=\"center\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">21%<\/span><\/p>\n<\/td>\n<td width=\"126\" valign=\"top\">\n<p align=\"right\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">N560,000<\/span><\/p>\n<\/td>\n<td width=\"126\" valign=\"top\">\n<p><span style=\"font-size: 14px;\">Next 133,333.33<\/span><\/p>\n<\/td>\n<td width=\"60\" valign=\"top\">\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">21%<\/span><\/p>\n<\/td>\n<td width=\"132\" valign=\"top\">\n<p align=\"right\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">N560,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"168\" valign=\"top\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Above N3,200,000<\/span><\/strong><\/p>\n<\/td>\n<td width=\"54\" valign=\"top\">\n<p align=\"center\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">24%<\/span><\/p>\n<\/td>\n<td width=\"126\" valign=\"top\">\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<\/td>\n<td width=\"126\" valign=\"top\">\n<p><span style=\"font-size: 14px;\">Above 266,666.67<\/span><\/p>\n<\/td>\n<td width=\"60\" valign=\"top\">\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">24%<\/span><\/p>\n<\/td>\n<td width=\"132\" valign=\"top\">\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong> <\/strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">The tax rate is applied on taxable income which is calculated as follow:<\/span><\/p>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">PAYE system:<\/span><\/p>\n<\/p>\n<p><strong><em><span style=\"font-family: &quot;Verdana,BoldItalic&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">Taxable Income = Total income &#8211; Consolidated relief allowance &#8211; other tax reliefs<\/span><\/em><\/strong><\/p>\n<\/p>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">Direct assessment system:<\/span><strong><em><span style=\"font-family: &quot;Verdana,BoldItalic&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">&nbsp;<\/span><\/em><\/strong><\/p>\n<\/p>\n<p><strong><em><span style=\"font-family: &quot;Verdana,BoldItalic&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">Taxable Income = Total income &#8211; deductions allowed &#8211; Consolidated relief allowance &#8211; other tax reliefs<\/span><\/em><\/strong><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">&nbsp;<\/span><\/p>\n<\/p>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">Where the annual taxable income is less than N300,000 or negative, the individual will be required to pay a minimum tax which is calculated as 1% of gross income.<\/span><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">&nbsp;<\/span><\/strong><\/p>\n<\/p>\n<p><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">Taxable income<\/span><\/strong><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">&nbsp;<\/span><\/p>\n<\/p>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">Taxable income is the portion of the total income that gets taxed in line with the tax rate shown in the table above.<\/span><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">&nbsp;<\/span><\/strong><\/p>\n<\/p>\n<p><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">Total income<\/span><\/strong><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">&nbsp;<\/span><\/p>\n<\/p>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">PITA explains total income as including all gain or profit from any trade, business, profession or vocation, rent received, salary, wage, fee, allowance, gain or profit from employment including bonus, etc. received inside or outside Nigeria.<\/span><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">&nbsp;<\/span><\/strong><\/p>\n<\/p>\n<p><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">Deductions allowed<\/span><\/strong><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">&nbsp;<\/span><\/p>\n<\/p>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">The law provides for individuals to deduct expenses that are wholly, exclusively, necessarily and reasonably incurred by the individual to produce the total income. Below are some of the deductions allowed:<\/span><span style=\"font-family: Symbol; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Symbol;\">&nbsp;<\/span><\/p>\n<\/p>\n<ul>\n<li>Interest paid for money borrowed as part of the capital in the business<\/li>\n<li>Interest on money borrow to develop or repair home occupied by the business owner<\/li>\n<li>Rent paid for space, land and buildings where business was carried out to produce the income<\/li>\n<li>Any expense incurred for repairs of premises, machines, plants or fixtures, tools used in producing the income&nbsp;<\/li>\n<\/ul>\n<p><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">Exempt income<\/span><\/strong><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">&nbsp;<\/span><\/strong><\/p>\n<\/p>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">There are some incomes that are not taxable and these incomes are stated in the third schedule of PITA. Examples of incomes that are not taxed are monies paid to an individual as compensation for loss of employment, interest on domiciliary bank account, amongst others.<\/span><\/p>\n<\/p>\n<p><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">Tax reliefs<\/span><\/strong><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">&nbsp;<\/span><\/strong><\/p>\n<\/p>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">There is a part of total income for every individual tax payer in Nigeria that does not get taxed. This portion of the income is termed consolidated relief allowance (CRA). The annual CRA is 20% of total income plus the higher of N200,000 or 1% of total income.<\/span><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">&nbsp;<\/span><\/p>\n<\/p>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">In addition to the CRA, some individuals also enjoy other reliefs for their contribution into some national saving schemes. Contributions by and individual into the National Pension<\/span><\/p>\n<\/p>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">Scheme, Gratuity fund, National Housing Fund, National Health Insurance Scheme and Life assurance premium provide additional tax reliefs to the individual. These tax reliefs can be claimed before arriving at the taxable income as stated above.<\/span><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">&nbsp;<\/span><\/strong><\/p>\n<\/p>\n<p><strong><span style=\"font-family: &quot;Verdana,Bold&quot;,sans-serif; mso-bidi-font-size: 10.0pt;\">Tax registration<\/span><\/strong><\/p>\n<\/p>\n<p><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">The owners of MSMEs are required to register for PIT by making an application to the relevant SBIR. The application for PIT registration is expected to contain details about the business and its owners and should be accompanied by relevant business registration documents to confirm legal status of the business. The re<\/span><span style=\"mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Verdana;\">gistrations will also indicate the number of employees.<\/span><\/p>\n<p>&nbsp; <\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"623\" valign=\"top\" colspan=\"3\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Due date for filing returns and penalty for<br \/>\n  non-compliance<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"44\" valign=\"top\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">S\/N<\/span><\/strong><\/p>\n<\/td>\n<td width=\"291\" valign=\"top\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">PAYE<\/span><\/strong><\/p>\n<\/td>\n<td width=\"288\" valign=\"top\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Direct Assessment<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"44\" valign=\"top\">\n<p align=\"center\"><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">1<\/span><\/strong><\/p>\n<\/td>\n<td width=\"291\" valign=\"top\">\n<p><strong><u><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Due date for filing <\/span><\/u><\/strong><\/p>\n<p><strong><u><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\"><span style=\"text-decoration: none;\">&nbsp;<\/span><\/span><\/u><\/strong><\/p>\n<\/td>\n<td width=\"288\" valign=\"top\">\n<p><strong><u><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Due date for filing <\/span><\/u><\/strong><\/p>\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"44\" valign=\"top\" rowspan=\"2\">\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p align=\"center\"><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/strong><\/p>\n<\/td>\n<td width=\"291\" valign=\"top\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Monthly Returns<\/span><\/strong><\/p>\n<p>\n  <span style=\"font-size: 14px;\">The monthly return<br \/>\n  is the payment of PAYE tax deducted from the employees.<\/span><\/p>\n<p><span style=\"font-family: Verdana, sans-serif;\"><span style=\"font-size: 14px;\">&nbsp;<\/span><\/span><\/p>\n<p><span style=\"font-size: 14px;\">This is due by the 10<sup>th<\/sup><br \/>\n  day of the month following the month &nbsp;PAYE tax was deducted<\/span><\/p>\n<p><span style=\"font-family: Verdana, sans-serif;\"><span style=\"font-size: 14px;\">&nbsp;<\/span><\/span><\/p>\n<p><span style=\"font-family: Verdana, sans-serif;\"><span style=\"font-size: 12px;\">For example, PAYE<br \/>\n  tax for January is due by 10 February<\/span><\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<\/td>\n<td width=\"288\" valign=\"top\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Monthly Returns<\/span><\/strong><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">No monthly filing<br \/>\n  obligation<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p align=\"center\"><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"291\" valign=\"top\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Annual Returns<\/span><\/strong><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Employee&#8217;s tax<br \/>\n  return (Form A)<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">All<br \/>\n  employees are required to file annual returns (Form A) showing the employee&#8217;s<br \/>\n  projected total income for the year by the 31<sup>st<\/sup> of March. <\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-size: 14px;\">Employer&#8217;s tax<br \/>\n  return (Form H1)<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Business<br \/>\n  owners who have employees are required to file Form H1 which shows total<br \/>\n  income paid to each employee and the amount of tax deducted from each<br \/>\n  employee. The Form H1 should be submitted with copies of revenue receipts<br \/>\n  which are proofs that the taxes deducted from the employees were remitted to<br \/>\n  the RTA. <\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">The<br \/>\n  Form H1 should be filed by 31st January the immediate past tax year.<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<\/td>\n<td width=\"288\" valign=\"top\">\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Annual Returns<\/span><\/strong><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Form A<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Individuals<br \/>\n  under the direct assessment are required to file annual returns (Form A) showing<br \/>\n  the employee&#8217;s total income and tax paid in the year by the 31st March of the<br \/>\n  following year. <\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">For<br \/>\n  instance total income and tax paid in 2016 tax year is required to be reported<br \/>\n  in the Form A by 31 March 2017.<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"44\" valign=\"top\">\n<p align=\"center\"><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">2<\/span><\/strong><\/p>\n<\/td>\n<td width=\"291\" valign=\"top\">\n<p><strong><u><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Due date for payment<\/span><\/u><\/strong><\/p>\n<p><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/strong><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">10<sup>th<\/sup> day<br \/>\n  of the month following the month of deducting PAYE.<\/span><\/p>\n<\/td>\n<td width=\"288\" valign=\"top\">\n<p><strong><u><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Due date for payment<\/span><\/u><\/strong><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">&nbsp;<\/span><\/p>\n<p><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Before<br \/>\n  the filing deadline of 31st March.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"44\" valign=\"top\">\n<p align=\"center\"><strong><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">3<\/span><\/strong><\/p>\n<\/td>\n<td width=\"291\" valign=\"top\">\n<p><strong><u><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Penalty<\/span><\/u><\/strong><\/p>\n<p><strong><u><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\"><span style=\"text-decoration: none;\">&nbsp;<\/span><\/span><\/u><\/strong><\/p>\n<ul>\n<li><span style=\"font-size: 14px;\">Non filing of Form<br \/>\n  A &#8211; N5,000 plus N100 for every day of non-compliance<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: Verdana, sans-serif;\"><span style=\"font-size: 14px;\">&nbsp;<\/span><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 14px;\">Non filing of Form<br \/>\n  HI &#8211; N500,000<br \/>\n  for corporate and N50,000 for individuals<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: Verdana, sans-serif;\"><span style=\"font-size: 14px;\">&nbsp;<\/span><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 14px;\">Late payment of<br \/>\n  PAYE tax &#8211; 10% of tax amount not paid plus interest at Central Bank of<br \/>\n  Nigeria (CBN) base lending rate<\/span><\/li>\n<\/ul>\n<\/td>\n<td width=\"288\" valign=\"top\">\n<p><strong><u><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\">Penalty<\/span><\/u><\/strong><\/p>\n<p><strong><u><span style=\"font-family: &quot;Verdana&quot;,sans-serif; font-size: 10pt;\"><span style=\"text-decoration: none;\">&nbsp;<\/span><\/span><\/u><\/strong><\/p>\n<ul>\n<li><span style=\"font-size: 14px;\">Non-filing of Form<br \/>\n  A &#8211; Penalty<br \/>\n  for non-compliance is N5,000 plus N100 for every day of non-compliance<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: Verdana, sans-serif;\"><span style=\"font-size: 14px;\">&nbsp;<\/span><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 14px;\">Late payment of PIT &#8211; Penalty<br \/>\n  for late remittance is 10% of tax due plus in<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>What is Personal Income Tax (P&#8230;<\/p>\n","protected":false},"author":1018,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[315,366],"tags":[414,415,438,491,417],"class_list":["post-38958","post","type-post","status-publish","format-standard","hentry","category-filing-and-paying-taxes","category-for-startups","tag-msme","tag-msmes","tag-pit","tag-state-taxes","tag-taxes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is Personal Income Tax (PIT)? - msmehub2<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.msmehub.org\/what-is-personal-income-tax-pit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Personal Income Tax (PIT)? - msmehub2\" \/>\n<meta property=\"og:description\" content=\"What is Personal Income Tax (P...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.msmehub.org\/what-is-personal-income-tax-pit\/\" \/>\n<meta property=\"og:site_name\" content=\"msmehub2\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/DeloitteNigeria\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-20T11:03:02+00:00\" \/>\n<meta name=\"author\" content=\"Deloitte Nigeria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/DeloitteNigeria\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Deloitte Nigeria\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/what-is-personal-income-tax-pit\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/what-is-personal-income-tax-pit\\\/\"},\"author\":{\"name\":\"Deloitte Nigeria\",\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/#\\\/schema\\\/person\\\/49f019223b76671b33e73e43ed219006\"},\"headline\":\"What is Personal Income Tax (PIT)?\",\"datePublished\":\"2017-06-20T11:03:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/what-is-personal-income-tax-pit\\\/\"},\"wordCount\":1337,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/#organization\"},\"keywords\":[\"MSME\",\"MSMEs\",\"PIT\",\"State Taxes\",\"Taxes\"],\"articleSection\":[\"Filing and Paying Taxes\",\"For Startups\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.msmehub.org\\\/what-is-personal-income-tax-pit\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/what-is-personal-income-tax-pit\\\/\",\"url\":\"https:\\\/\\\/www.msmehub.org\\\/what-is-personal-income-tax-pit\\\/\",\"name\":\"What is Personal Income Tax (PIT)? - msmehub2\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/#website\"},\"datePublished\":\"2017-06-20T11:03:02+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/what-is-personal-income-tax-pit\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.msmehub.org\\\/what-is-personal-income-tax-pit\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/what-is-personal-income-tax-pit\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/msmehub.org\\\/staging\\\/6671\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What is Personal Income Tax (PIT)?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/#website\",\"url\":\"https:\\\/\\\/www.msmehub.org\\\/\",\"name\":\"msmehub2\",\"description\":\"Enabling Nigerian Businesses\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.msmehub.org\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/#organization\",\"name\":\"msmehub2\",\"url\":\"https:\\\/\\\/www.msmehub.org\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/msmehub.org\\\/staging\\\/6671\\\/wp-content\\\/uploads\\\/2025\\\/06\\\/cropped-msme_logo-1.png\",\"contentUrl\":\"https:\\\/\\\/msmehub.org\\\/staging\\\/6671\\\/wp-content\\\/uploads\\\/2025\\\/06\\\/cropped-msme_logo-1.png\",\"width\":885,\"height\":249,\"caption\":\"msmehub2\"},\"image\":{\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.msmehub.org\\\/#\\\/schema\\\/person\\\/49f019223b76671b33e73e43ed219006\",\"name\":\"Deloitte Nigeria\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/aff30cfc50eda73c870250e07b09956e9e6e330bcec725013b26c56f89b6a31b?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/aff30cfc50eda73c870250e07b09956e9e6e330bcec725013b26c56f89b6a31b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/aff30cfc50eda73c870250e07b09956e9e6e330bcec725013b26c56f89b6a31b?s=96&d=mm&r=g\",\"caption\":\"Deloitte Nigeria\"},\"description\":\"Deloitte & Touche is the Deloitte Touche Tohmatsu Limited (DTTL) member firm in Nigeria and the oldest indigenous professional services firm in Nigeria. The firm was established in 1952 by Mr. Akintola Williams, FCA, CFR, CBE, the doyen of the accountancy profession in Nigeria. Through astute management, the member firm has grown in size and scope of services to become one of the largest global professional services organisations in Nigeria, with offices in Lagos, Abuja and Port Harcourt. The firm currently provides audit, tax, consulting, accounting and financial advisory, corporate finance, and risk advisory services, to public and private clients spanning multiple industries. www.deloitte.com.ng\",\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/DeloitteNigeria\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/deloitte-nigeria\",\"https:\\\/\\\/x.com\\\/https:\\\/\\\/twitter.com\\\/DeloitteNigeria\"],\"url\":\"https:\\\/\\\/msmehub.org\\\/staging\\\/6671\\\/author\\\/deloitte-nigeria\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What is Personal Income Tax (PIT)? - msmehub2","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.msmehub.org\/what-is-personal-income-tax-pit\/","og_locale":"en_US","og_type":"article","og_title":"What is Personal Income Tax (PIT)? - msmehub2","og_description":"What is Personal Income Tax (P...","og_url":"https:\/\/www.msmehub.org\/what-is-personal-income-tax-pit\/","og_site_name":"msmehub2","article_author":"https:\/\/www.facebook.com\/DeloitteNigeria","article_published_time":"2017-06-20T11:03:02+00:00","author":"Deloitte Nigeria","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/DeloitteNigeria","twitter_misc":{"Written by":"Deloitte Nigeria","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.msmehub.org\/what-is-personal-income-tax-pit\/#article","isPartOf":{"@id":"https:\/\/www.msmehub.org\/what-is-personal-income-tax-pit\/"},"author":{"name":"Deloitte Nigeria","@id":"https:\/\/www.msmehub.org\/#\/schema\/person\/49f019223b76671b33e73e43ed219006"},"headline":"What is Personal Income Tax (PIT)?","datePublished":"2017-06-20T11:03:02+00:00","mainEntityOfPage":{"@id":"https:\/\/www.msmehub.org\/what-is-personal-income-tax-pit\/"},"wordCount":1337,"commentCount":0,"publisher":{"@id":"https:\/\/www.msmehub.org\/#organization"},"keywords":["MSME","MSMEs","PIT","State Taxes","Taxes"],"articleSection":["Filing and Paying Taxes","For Startups"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.msmehub.org\/what-is-personal-income-tax-pit\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.msmehub.org\/what-is-personal-income-tax-pit\/","url":"https:\/\/www.msmehub.org\/what-is-personal-income-tax-pit\/","name":"What is Personal Income Tax (PIT)? - msmehub2","isPartOf":{"@id":"https:\/\/www.msmehub.org\/#website"},"datePublished":"2017-06-20T11:03:02+00:00","breadcrumb":{"@id":"https:\/\/www.msmehub.org\/what-is-personal-income-tax-pit\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.msmehub.org\/what-is-personal-income-tax-pit\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.msmehub.org\/what-is-personal-income-tax-pit\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/msmehub.org\/staging\/6671\/"},{"@type":"ListItem","position":2,"name":"What is Personal Income Tax (PIT)?"}]},{"@type":"WebSite","@id":"https:\/\/www.msmehub.org\/#website","url":"https:\/\/www.msmehub.org\/","name":"msmehub2","description":"Enabling Nigerian Businesses","publisher":{"@id":"https:\/\/www.msmehub.org\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.msmehub.org\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.msmehub.org\/#organization","name":"msmehub2","url":"https:\/\/www.msmehub.org\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.msmehub.org\/#\/schema\/logo\/image\/","url":"https:\/\/msmehub.org\/staging\/6671\/wp-content\/uploads\/2025\/06\/cropped-msme_logo-1.png","contentUrl":"https:\/\/msmehub.org\/staging\/6671\/wp-content\/uploads\/2025\/06\/cropped-msme_logo-1.png","width":885,"height":249,"caption":"msmehub2"},"image":{"@id":"https:\/\/www.msmehub.org\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/www.msmehub.org\/#\/schema\/person\/49f019223b76671b33e73e43ed219006","name":"Deloitte Nigeria","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/aff30cfc50eda73c870250e07b09956e9e6e330bcec725013b26c56f89b6a31b?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/aff30cfc50eda73c870250e07b09956e9e6e330bcec725013b26c56f89b6a31b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/aff30cfc50eda73c870250e07b09956e9e6e330bcec725013b26c56f89b6a31b?s=96&d=mm&r=g","caption":"Deloitte Nigeria"},"description":"Deloitte & Touche is the Deloitte Touche Tohmatsu Limited (DTTL) member firm in Nigeria and the oldest indigenous professional services firm in Nigeria. The firm was established in 1952 by Mr. Akintola Williams, FCA, CFR, CBE, the doyen of the accountancy profession in Nigeria. Through astute management, the member firm has grown in size and scope of services to become one of the largest global professional services organisations in Nigeria, with offices in Lagos, Abuja and Port Harcourt. The firm currently provides audit, tax, consulting, accounting and financial advisory, corporate finance, and risk advisory services, to public and private clients spanning multiple industries. www.deloitte.com.ng","sameAs":["https:\/\/www.facebook.com\/DeloitteNigeria","https:\/\/www.linkedin.com\/company\/deloitte-nigeria","https:\/\/x.com\/https:\/\/twitter.com\/DeloitteNigeria"],"url":"https:\/\/msmehub.org\/staging\/6671\/author\/deloitte-nigeria\/"}]}},"_links":{"self":[{"href":"https:\/\/msmehub.org\/staging\/6671\/wp-json\/wp\/v2\/posts\/38958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/msmehub.org\/staging\/6671\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/msmehub.org\/staging\/6671\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/msmehub.org\/staging\/6671\/wp-json\/wp\/v2\/users\/1018"}],"replies":[{"embeddable":true,"href":"https:\/\/msmehub.org\/staging\/6671\/wp-json\/wp\/v2\/comments?post=38958"}],"version-history":[{"count":0,"href":"https:\/\/msmehub.org\/staging\/6671\/wp-json\/wp\/v2\/posts\/38958\/revisions"}],"wp:attachment":[{"href":"https:\/\/msmehub.org\/staging\/6671\/wp-json\/wp\/v2\/media?parent=38958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/msmehub.org\/staging\/6671\/wp-json\/wp\/v2\/categories?post=38958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/msmehub.org\/staging\/6671\/wp-json\/wp\/v2\/tags?post=38958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}