This free tax calculator can help you in preparartion of tax returns for filing; Also a means for employee to verify Pay As You Earned (PAYE) tax deducted from his or her paycheck.
Finance Act 2020 becomes effective from January 1st, 2021. This new Act exempts national minimum wage earners from paying the mandatory minimum tax on employment income.
As of January 1st, 2021, thirty thousand Naira (30,000 NGN) is the monthly minimum wage in Nigeria. Consequently, PAYE tax is zero for all those who earn 30,000 Naira monthly (or less).
Additionally, statutory contributions are excluded from the computation of consolidated relief allowance.
We wish to announce that SME Payroll is fully compliant with the Finance Act 2020 of the Federal Republic of Nigeria.
Reach out to us now for a free ride of our modern HRMS for medium and large enterprises.