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Section 101 Nigeria Tax Act 2025 Section 101 of the Nigeria Tax Act 2025 is about Partnership. It provides as follows: (1) A person, other than a company, who engages in petroleum operations either on his own account or jointly with any other person or in partnership with any other person with a view to…
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Section 100 Nigeria Tax Act 2025 Section 100 of the Nigeria Tax Act 2025 is about Additional chargeable tax payable in certain circumstances. It provides as follows: (1) Where, for any accounting period of a company, there is a sale of chargeable oil between connected persons, or disposal of chargeable oil between connected or unconnected…
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Section 99 Nigeria Tax Act 2025 Section 99 of the Nigeria Tax Act 2025 is about Assessable petroleum profits tax. It provides as follows: (1) The assessable tax for an accounting period of a company shall be an amount equal to 85% of its chargeable profits of that period. (2) Where a company has not…
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Section 98 Nigeria Tax Act 2025 Section 98 of the Nigeria Tax Act 2025 is about Chargeable profits and capital allowances. It provides as follows: (1) The chargeable profits of a company of any accounting period shall be the amount of the assessable profits of that period after the deduction of any amount to be…
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Section 97 Nigeria Tax Act 2025 Section 97 of the Nigeria Tax Act 2025 is about Assessable profits and losses. It provides as follows: (1) Subject to the provisions of this section, the assessable profits of a company for any accounting period shall be the amount of the adjusted profit of that period after the…
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Section 96 Nigeria Tax Act 2025 Section 96 of the Nigeria Tax Act 2025 is about Exclusion of certain profits. It provides as follows: Where a company engaged in petroleum operations is engaged in the transportation of chargeable oil by ocean going oil-tankers operated by or on behalf of the company from Nigeria to another…
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Section 95 Nigeria Tax Act 2025 Section 95 of the Nigeria Tax Act 2025 is about Deductions not allowed. It provides as follows: (1) Subject to the provisions of this Part, for the purposes of ascertaining the adjusted profit of any company for any accounting period from its petroleum operations, no deduction shall be allowed…
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Section 94 Nigeria Tax Act 2025 Section 94 of the Nigeria Tax Act 2025 is about Application of incentives to utilisation of non-associated gas. It provides as follows: All incentives granted in respect of investments in associated gas shall be applicable to investments in non-associated gas.
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Section 93 Nigeria Tax Act 2025 Section 93 of the Nigeria Tax Act 2025 is about Incentives for utilisation of associated gas. It provides as follows: (1) The following incentives shall apply to a company engaged in the utilisation of associated gas –(a) investment required to separate crude oil and gas from the reservoir into…
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Section 92 Nigeria Tax Act 2025 Section 92 of the Nigeria Tax Act 2025 is about Deductions allowed. It provides as follows: (1) In computing the adjusted profit of a company for an accounting period from its petroleum operations, there shall be deducted all outgoings and expenses wholly and exclusively incurred, during the period by…