Does saving or investing reduce my tax?
No. Income tax is on what you earn, wherever it goes. Pension, NHF and life insurance are the exceptions.
No. Income tax is on what you earn, wherever the money goes afterwards. Putting money into savings or investments doesn't lower it.
The exceptions are pension contributions, NHF and life insurance premiums. That's why Taxes asks about them.
What your savings earn is taxed separately. Bank interest and dividends usually have 10% taken before you receive them. Interest on Treasury bills and FGN bonds is tax-free.
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