Income tax on rent, worked example, in Nigeria
Taxation Researcher | June 05, 2022
| Non-resident couple´s joint monthly rental income1 | US$1,500 | US$6,000 | US$12,000 | |
| Annual Rental Income | 18,000 | 72,000 | 144,000 | |
| = Taxable Income | 18,000 | 72,000 | 144,000 | |
| Income Tax Rates2 | ||||
| Withholding Tax | 10% | 1,800 | 7,200 | 14,400 |
| Annual Income Tax Due | US$1,800 | US$7,200 | US$14,400 | |
| Tax Due as % of Gross Income | 10% | 10% | 10% | |
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Notes
1 The residential property is jointly owned by husband and wife.
2 Non-residents´ gross rental income is subject to a withholding at a rate of 10%. The tenant deducts the amount and remits it to the tax authorities.
3 Non-residents´ gross rental income is subject to a withholding tax at a rate of 10%. The tenan deducts the amount and remits it to the tax authorities.