{"id":29591,"date":"2021-04-05T10:21:16","date_gmt":"2021-04-05T10:21:16","guid":{"rendered":"https:\/\/provisioservices.com\/staging\/6461\/?p=29591"},"modified":"2023-10-15T11:43:49","modified_gmt":"2023-10-15T11:43:49","slug":"taxes-in-nigeria","status":"publish","type":"post","link":"https:\/\/provisioservices.com\/staging\/6461\/taxes-in-nigeria\/","title":{"rendered":"Charting Corporate Taxes &#038; VAT in Nigeria (2015 &#8211; 2020)"},"content":{"rendered":"<table style=\"height: 54px; width: 98.3113%; border-collapse: collapse;\">\n<tbody>\n<tr style=\"height: 87px;\">\n<td style=\"width: 100%; background-color: #02030f; height: 54px; text-align: left;\"><span style=\"color: #ffffff;\"><span style=\"font-family: Arial Nova Light;\">Why We L\ud83d\udc40ked Into This \u00bb<\/span>\ud83c\udfa8<\/span><\/p>\n<table style=\"width: 100%; border-collapse: collapse; background-color: #ffffff;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\"><span style=\"font-family: arial, helvetica, sans-serif;\">&#8220;Nigerians Do Not Pay Taxes?&#8221; Opinion or fact?<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h1><span style=\"font-size: 12pt;\"><strong>Company Taxes in Nigeria<\/strong><\/span><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-29593\" src=\"https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/CIT-in-Nigeria-1024x1024.png\" alt=\"\" width=\"761\" height=\"761\" srcset=\"https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/CIT-in-Nigeria-1024x1024.png 1024w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/CIT-in-Nigeria-300x300.png 300w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/CIT-in-Nigeria-150x150.png 150w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/CIT-in-Nigeria-768x768.png 768w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/CIT-in-Nigeria.png 1080w\" sizes=\"auto, (max-width: 761px) 100vw, 761px\" \/><\/h1>\n<ul>\n<li>In 2020, Company Income Taxes fell to 2018 levels just after picking up from the 2016 dip.<\/li>\n<li>Both 2016 and 2020 were years Nigeria&#8217;s economy fell into recession.<\/li>\n<li>Professional Services and Banks &amp; Financial Institutions are the sectors that contribute the highest income taxes. However, in 2020, Other Manufacturing was the second highest. This could be due to the effects of the pandemic where manufacturing of essential items were exempted from lockdown measures. While financial institutions were also essential providers, capacity reduced due to closure of offices to customers.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h1><span style=\"font-size: 12pt;\"><strong>Value Added Taxes in Nigeria<\/strong><\/span><\/h1>\n<p><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-29594\" src=\"https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/VAT-in-Nigeria-1024x1024.png\" alt=\"\" width=\"761\" height=\"761\" srcset=\"https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/VAT-in-Nigeria-1024x1024.png 1024w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/VAT-in-Nigeria-300x300.png 300w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/VAT-in-Nigeria-150x150.png 150w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/VAT-in-Nigeria-768x768.png 768w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/VAT-in-Nigeria.png 1080w\" sizes=\"auto, (max-width: 761px) 100vw, 761px\" \/><\/p>\n<ul>\n<li>Value Added Taxes (VAT) are indirect taxes paid by consumers through sales of goods and services. The Nigerian Government increased VAT rate from 5%to 7.5% in 2020.<\/li>\n<li>In 2020, VAT reached an all-time high of 1.53 trillion naira.<\/li>\n<li>Both 2016 and 2020 were years Nigeria&#8217;s economy fell into recession.<\/li>\n<li>Other manufacturing and Professional Services are the sectors that contribute the highest VAT. Professional services include Telecommunications.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h1><span style=\"font-size: 12pt;\"><strong>Corporate Income Taxes vs Value Added Taxes in Nigeria<\/strong><\/span><\/h1>\n<p><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-29595\" src=\"https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/VAT-vs-CIT-in-Nigeria-1024x1024.png\" alt=\"\" width=\"761\" height=\"761\" srcset=\"https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/VAT-vs-CIT-in-Nigeria-1024x1024.png 1024w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/VAT-vs-CIT-in-Nigeria-300x300.png 300w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/VAT-vs-CIT-in-Nigeria-150x150.png 150w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/VAT-vs-CIT-in-Nigeria-768x768.png 768w, https:\/\/provisioservices.com\/staging\/6461\/wp-content\/uploads\/2021\/04\/VAT-vs-CIT-in-Nigeria.png 1080w\" sizes=\"auto, (max-width: 761px) 100vw, 761px\" \/><\/p>\n<ul>\n<li>In 2020, VAT contributions surpassed CIT for the first time in recent years.<\/li>\n<\/ul>\n<p><!--more--><\/p>\n<div style=\"min-height: 821px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/KGCPJ\/embed.js?v=1\" charset=\"utf-8\"><\/script><noscript><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/datawrapper.dwcdn.net\/KGCPJ\/full.png\" alt=\"This table lists the Corporate Income Taxes from 2015 to 2020\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<div style=\"min-height: 821px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/GWEe5\/embed.js?v=1\" charset=\"utf-8\"><\/script><noscript><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/datawrapper.dwcdn.net\/GWEe5\/full.png\" alt=\"This table lists the Value Added Taxes from 2015 to 2020\" \/><\/noscript><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Why We L\ud83d\udc40ked Into This \u00bb\ud83c\udfa8 &#8220;Nigerians Do Not Pay Taxes?&#8221; Opinion or fact? &nbsp; Company Taxes in Nigeria In 2020, Company Income Taxes fell to 2018 levels just after&hellip;<\/p>\n","protected":false},"author":4,"featured_media":29595,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[340],"tags":[219],"class_list":["post-29591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-and-economy","tag-taxes-in-nigeria-tax-revenue-statistics-in-nigeria-data-on-tax-revenue-in-nigeria-firs-tax-revenue-statistics-nigeria-tax-revenue-2020"],"_links":{"self":[{"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/posts\/29591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/comments?post=29591"}],"version-history":[{"count":5,"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/posts\/29591\/revisions"}],"predecessor-version":[{"id":30682,"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/posts\/29591\/revisions\/30682"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/media\/29595"}],"wp:attachment":[{"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/media?parent=29591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/categories?post=29591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/provisioservices.com\/staging\/6461\/wp-json\/wp\/v2\/tags?post=29591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}