Introduction
Chioma almost lost ₦296,000 last year. Not to a business deal gone wrong or a bad investment—but to a simple tax mistake she didn't even know she was making.
As a young banking professional earning ₦4.8 million annually, she diligently paid her taxes through PAYE every month. What she didn't realize was that her employer wasn't applying all the tax reliefs she was entitled to. By the time she discovered she could claim Consolidated Relief Allowance, pension deductions, and National Housing Fund contributions properly, she had already overpaid nearly ₦300,000 in taxes.
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