Nigeria: Inheritance
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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.
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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