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Calculating Personal Income Tax (PIT)

  PIT Rate PIT rate is applied on a graduated scale and taxable income bands as set out below: Tax Band Tax Rate First N300,000 7 Next N300,000 11 Next N500,000 15 Next N500,000 19 Next N1.6m 21 Above N3.2m 24   How is PIT Computed Let us consider a

What is Personal Income Tax (PIT)?

  What is Personal Income Tax? Personal income tax (PIT) is the tax imposed on the income of individuals, corporate sole or body of individuals, partners in partnership business, trustees or executors of any settlement or estate. Personal income tax in Nigeria is on a Pay As You Earn Basis