Section 50

(1) Sums not exceeding N 50,000,000 obtained by way of compensa-
injury tion or damages for any wrong or injury suffered by an individual in his person
or in his profession or vocation, including compensation for loss of office or
employment, wrong or injury for libel, slander or enticement shall not be
chargeable gains.
(2) Where the sum exceeds N 50,000,000, only the excess amount shall
constitute a chargeable gain.
(3) For the purposes of subsection (1) and (2), any person who pays
compensation for loss of office or employment to an individual is required, at
the point of payment of such compensation, to deduct and remit the tax due
under this section to the relevant tax authority.
(4) The tax so deducted shall be remitted within the time specified under
the Pay-As-You-Earn or Deduction of Tax at Source Regulations issued pur-
suant to the Nigeria Tax Administration Act, 2025.