Section 202 Nigeria Tax Act 2025

Section 202 of the Nigeria Tax Act 2025 is about General interpretation. It provides as follows:

In this Act –
“accelerator” is as defined in the Nigeria Startup Act, No. 32, 2022 ;

“accounting period” means a period for which accounts have been made up ;
“ad valorem” means the value of a transaction or property ;

“agency of Government” includes a ministry, department, statutory body, public authority and an institution of the Federal, State and Local Government;
“approved Agent” means any person approved by the Securities and
Exchange Commission to function as an intermediary for the conduct of a regulated securities lending transaction ;

“aggregate covered tax paid” means the addition of the income taxes paid by a company for a year of assessment under this Act;

“agricultural trade or business” means –
(a) primary crop production comprising the production of raw and semiprocessed crops of all kinds, but excluding any intermediate or final processing of crops or any other associated manufactured or derivative crop product ;
(b) primary livestock production comprising the production of live animals and their direct produce such as live or raw meat, live or raw poultry, fresh eggs and milk of all kinds, but excluding any other associated manufactured
or derivative livestock product ;

(c) primary forestry production comprising the production of timbers of various kinds such as firewood, charcoal, uncultivated materials gathered and other forestry products of all kinds, including seeds and saplings, but excluding the intermediate and final processing of timber and any other manufactured or derivative timber product ; and

(d) primary fishing production comprising the production of fish of all kinds, including ornamental fish, but excluding any intermediate or final processing of any other manufactured or derivative fish product;
“angel investor” is as defined in the Nigeria Startup Act, No 32, 2022;
“assessable income” means assessable income determined under the provisions of chapter two of this Act ;

“authorised officer” means an officer who has been authorised by a tax authority to perform any function under this Act;
“bank” means a bank as defined under the Banks and Other Financial Institutions Act, Act No. 3, 2020 ;
“banking” means business conducted or services offered by a bank ;

“beneficial owner” means a person who has ownership, control, rights, indirect benefit or beneficial interest over shares or clients, or over income, goods, services or assets subject to tax, or on whose behalf a transaction is carried out ;
“borrower” means an approved borrower in a regulated securities lending
transaction;

“building” means any structure permanently affixed to land for all or most of the useful life of that structure and shall include a house, garage, dwelling apartment, hospital and institutional building, factory, warehouse, theatre, cinema, store, mill building and similarly fixed structure affording protection and shelter, but excludes any fixtures or structures that can easily be removed from such land, such as radio and television masts, transmission lines, cell towers, vehicles, mobile homes, caravans and trailers ;

“chargeable gains” has the meaning given in section 33 of this Act ;
“company” a company or corporation, including limited liability
partnership, established by or under any law in force in Nigeria or elsewhere ;
“commencement of business” means the starting of operation of a
business ;

“commencement date” means the date that an entity carries out its first transaction which shall be the earliest of the date it –
(a) begins to market or first advertises its products or services for sale ;
(b) obtains an operating license from a regulatory authority in Nigeria ;

(c) first sale or purchase ;
(d) execute its first trading contract after incorporation ;
(e) issues or receives its first invoice ;

(f) delivers or receives its first consignment of goods ; or
(g) first renders services to its customers ;
“communication infrastructure” means telecommunications fibre optics, satellite cellular networks, broadband systems radio transmission towers, undersea cables and other similar infrastructure;
“compensating payments” means any payments made in lieu of interest or dividend under a regulated securities lending transaction ;
“connected persons” includes in the case of –
(a) individuals, the individuals are married or are relatives ;