Nigeria | Why is National Housing Fund not included in gross income calculation for my employees over the age 60?

Nigeria | Why is National Housing Fund not included in gross income calculation for my employees over the age 60?

The Finance Act 2020 that has been signed into law on 31st December 2020, included changes to Personal Income tax and redefined gross income.

This influences the gross income on which the consolidated relief was based. For employees age 60 years and older, NHF (which is an allowable) will not be included in the gross income calculation, as they no longer qualify for this calculation.


    • Related Articles

    • Nigeria | How do I prevent National Housing Fund from calculating?

      To prevent the National Housing Fund calculation from calculating enable the "Do not calculate NHF?" checkbox on the Statutory Fields on the Basic Company Details screen. Navigate > Configuration > Basic Settings > Company Settings > Basic Company ...

    • Nigeria | Can employees be excluded from contributing to the National Housing Fund?

      Yes. Enable the "Exempt from NHF " checkbox under the Employee tab on the Basic Profile screen. It was designed to accommodate employees who are exempt from NHF (National Housing Fund) due to the voluntary deduction rule. Navigate > Employee > Basic ...

    • Nigeria - Amendment to the National Housing Fund Act

      The Nigeria president Muhammadu Buhari, signed the Business Facilitation (Miscellaneous Provisions) Act 2023, (“the Omnibus Act” or “the Act”) into law in February 2023 as part of the Federal Government's initiatives to foster an enabling environment ...

    • Nigeria: How do I stop the National Housing Fund (NHF) from calculating on all my employees?

      Please navigate via Config > Basic Settings > Company Settings > Basic Company Information > Statutory Fields Tab > Tick the field 'Do not calculate NHF'. When this field is ticked, the NHF deduction on payslips will not calculate for all employees ...

    • Nigeria Product User Guide

      To aid our users in the understanding and application of compliance in Nigeria, PaySpace has released an external Product User Guide. This is a "How to guide" to follow during country implementations, company maintenance, and for support queries.