Tax Term
What is Rent Relief?
A tax deduction equal to 20% of annual rent paid, capped at ₦500,000.
Detailed Explanation
Rent relief reduces your taxable income by 20% of the rent you pay during the year. The maximum relief is ₦500,000, even if 20% of your rent exceeds this amount.
Example
Paying ₦2,000,000 rent annually gives you ₦400,000 relief (20% × ₦2m).