Education Tax
This is a tax that came into being through Decree No 7 of 1993 and commenced implementation in1995. It is imposed on companies registered in Nigeria that are liable to pay tax on their assessable profits as defined in CITA or PPTA as the case may be. The rate of the tax is 2% of the assessable profit. The assessment of the education tax and that of the Companies Income Tax are done concurrently.
The due date of payment of education tax is sixty days after the notice of assessment has been served. Any tax outstanding after the due date will attract a penalty of 5% plus interest at commercial rate.