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Last Updated: May 15, 2009

Inheritance tax and law

ESTATE TAX

Estates are taxed as ordinary income and are subject to the progressive income tax rates.

ESTATE TAX

TAX BASE, NGN (US$) MARGINAL TAX RATE
Up to 30,000 (US$203) 5%
30,001 – 60,000 (US$407) 10% on band over US$203
60,001 – 110,000 (US$746) 15% on band over US$407
110,001 – 160,000 (US$1,054) 20% on band over US$746
Over 160,000 (US$1,085) 25% on all value over US$1,085

GIFTS TAX

Property acquired as a gift is subject to capital gains tax at 10% of the market value of the property.

 

Nigeria - more data and information

Your Comments

posted by Yolande Halliwell | 2007-03-18

none, Hamilton,Ontriao, Canada

How much time (months)to settle the estate dose a person have when they come forward and present them self as Next of Kin in the Nigerian Bank

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