How much is business travel allowance in Nigeria?
How much is business travel allowance in Nigeria?
In Nigeria, the CBN allows about $4,000 quarterly for personal travel allowances, $15,000 per term/semester as allowances for payment of school fees.
What is travel allowance?
Travelling Allowance means an allowance granted to a Government employee to cover the expenses which he incurs in travelling in the interest of the public service. It includes allowance granted for the maintenance of conveyance.
What comes under LTA?
Leave Travel Allowance or LTA is a type of allowance given to the employee by employers for travel. It covers within-country travel costs when he/she is on leave from work. Section 10(5) of the Income Tax Act, 1961 with Rule 2B ensures the exemption of tax and also details the conditions subject to tax exemption.
How does PTA work in Nigeria?
A. PERSONAL TRAVEL ALLOWANCE (PTA) PTA shall only apply to journeys of not less than five (5) hours flight time. Applicants shall present verifiable BVNs to their bankers. Applicants shall have valid visa of the country of destination. Applicants shall be holders of valid Nigerian International Passport.
What does BTA mean in Nigeria?
You have already guessed that BTA means basic travel allowance. However, this term is not official, and it is not used anywhere in the world. It is the twenty-first century out there, by the way. Nevertheless, many people still hear about basic travel allowance in Nigeria and even outside the country.
What is the travel allowance (BTA)?
What is BTA? The travel allowance is a payment from the company inviting you for work where they cover your travelling expenses. Often this benefit covers such things as, accommodation, food, and transport. You can receive this payment before or after a business trip. What does this benefit cover?
How do I get a BTA visa for Nigeria?
You can visit the official website of U.S. Embassy in Nigeria or any other Embassy sites to read about all the requirements for getting a visa, and you will find nothing about BTA. For example, the U.S. Embassy site clearly explains that there is no such thing as BTA in or outside the country.
What is PTA/BTA (personal/business trip)?
For customer convenience, during personal/business trips (PTA/BTA) one can now use payment card in addition to the option of using cash. Individuals/organizations are eligible for BTA travel once a quarter. The maximum amount of compensation per quarter for BTA is $ 5,000.
