Section 30 Nigeria Tax Act 2025

Section 30 of the Nigeria Tax Act 2025 is about Ascertainment of chargeable income of individuals. It provides as follows:

(1) The chargeable income of an individual, is the total income of that individual ascertained under the provisions of section 28 of this Act, less eligible deductions.

(2) For the purposes of this section –
(a) “eligible deductions” include payments made by the individual in a year of assessment in respect of –
(i) the individual’s contributions under the National Housing Fund,
(ii) the individual’s contributions under the National Health Insurance Scheme,

(iii) the individual’s contributions under the Pension Reform Act,
(iv) interest on loans for developing an owner-occupied residential house,

(v) annual amount of any annuity or premium paid by the individual during the year preceding the year of assessment in respect of insurance on his life or the life of his spouse, or contract for a deferred annuity on his own life or the life of his spouse; and

(vi) rent relief of 20% of annual rent paid, subject to a maximum of N500,000, whichever is lower, provided that the individual accurately declares the actual amount of rent paid and other relevant information as may be prescribed by the relevant tax authority ; and

(b) “total income” means total income as specified in section 28 of this Act.

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