Various Taxes and Levies
Capital Gains Tax (Individuals Only)
It is a tax on the profit made from the sale or exchange of capital assets like Land, Shares, Machinery etc.
Stamp Duties
It is a tax imposed on legal instruments/documents executed by individuals. This tax is usually placed on the transfer of buildings, copyrights, lands, patents and securities etc.
Personal Income Tax
It is a tax imposed on individuals who are either in employment or are running their own businesses, as a business name or partnership.
Business Premises Levy
It is a tax on property used for the production of income including rental houses, office buildings, factories etc.
Hotel Occupancy & Restaurant Consumption Tax
It is a 5% extra charge imposed on goods and services consumed in hotels, bars, restaurants and event centres etc. within Imo State. This tax is payable by the consumers who purchase these goods and services. The hotels, bars, restaurants and event centres serve as collecting agents for IIRS.
Witholding Tax
It is the specified amount deducted at source from payment accruing or made to individuals or corporate entities in respect of income receivable for service(s) rendered or from investment and remittance of same to the Relevant Tax Authority in line with the provisions of Personal Income Tax (PITA) and Companies Income Tax Acts (CITA).
