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Laws of the Federation Preview 37 min read

Education Tax Act

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Arrangement of Sections

1. Imposition of education tax

2. Assessment and collection of tax

3. Establishment of the Education Fund

4. Establishment of Board of Trustees

5. Cessation of membership

6. Functions of the Board of Trustees

7. Management and administration of the Fund

8. Appointment of the executive secretary and other staff of the Fund

9. Service in the Fund to be pensionable

10. Offences

11. Penalties

12. Limitation of suits against the Fund, etc

13. Service of documents

14. Restriction on execution against property of the Fund. 15.Indemnity of officers

15. Indemnity of officers

16. Regulations

17. Interpretation

18. Short Title

An Act to impose an education tax on companies registered in Nigeria and to establish an Education Fund and a Board of Trustees to manage and administer the Fund.

[1993 No.7.]

[1 st January , 1993]

[Commencement.]

1. Imposition of education tax

(1) As from the commencement of this Act, there shall be charged and payable an annual education tax which shall be assessed, collected and administered in accordance with the provisions of this Act.
(2) The tax, which shall be at the rate of two per cent, shall be charged on the assessable profit of a company registered in Nigeria (in this Act referred to as “a company”).
(3) The assessable profit of a company shall be ascertained in the manner specified in the Companies Income Tax Act or the Petroleum Profits Tax Act (in this Act referred to as “the Act”) as the case may be.

[Cap. C21. Cap. P13.]

2. Assessment and collection of tax

1) The Federal Board of Inland Revenue (in this Act referred to as “the Board”) shall assess and collect from a company the tax imposed by this Act and accordingly-

(a) shall, when assessing a company for companies income tax or petroleum profit tax for an accounting period of the company, also proceed to assess the company for the tax due under this Act;
(b) the provisions of the Act relating to the collection of companies’ income tax or petroleum profit tax shall, subject to this Act, apply to the tax due under this Act.
(2) The tax imposed by this Act shall be due and payable within 60 days after the Board has served notice of the assessment on a company.

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