Experts' Column

TAXATION OF PENSION IN NIGERIA: THE UPROAR, THE LAW AND THE REALITY By Emeka Ihebie

 

Taxation of pension is currently on a front burner among other trending issues in Nigeria. Some tax authorities, acting on the belief that voluntary pension contributions have become avenues for tax avoidance issued public notices to address the issue. It was observed in the notices that some employees or individuals took advantage of the provisions of the Pension Reform Act No 64 Vol 101 2014(PRA) to make additional voluntary pension contributions (VPCs) far in excess of the stipulated mandatory minimum pension contributions. While noting that VPCs are tax exempt, the tax authorities in their notices insisted th

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