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Section 65 Nigeria Tax Act 2025 Section 65 of the Nigeria Tax Act 2025 is about Application of this Part. It provides as follows: (1) This Part shall apply to companies engaged in upstream petroleum operations in the onshore, shallow water and deep offshore with licences and leases under the Petroleum Industry Act. (2) In…
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Section 64 Nigeria Tax Act 2025 Section 64 of the Nigeria Tax Act 2025 is about Mining operations. It provides as follows: (1) Trade or business engaged in mining operations is subject to tax under the relevant provisions of Chapter Two of this Act. (2) For the purposes of computing the assessable profits of a…
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Section 63 Nigeria Tax Act 2025 Section 63 of the Nigeria Tax Act 2025 is about Collective investment scheme. It provides as follows: (1) Where under the provisions of the Investments and Securities Act, a mutual fund is established for the purpose of providing facilities for the participation of the public, as beneficiaries under a…
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Section 62 Nigeria Tax Act 2025 Section 62 of the Nigeria Tax Act 2025 is about Lottery and gaming trade or business. It provides as follows: (1) Notwithstanding anything to the contrary in any other law, the income of lottery and gaming trade or business shall be charged to tax in accordance with the provisions…
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Section 61 Nigeria Tax Act 2025 Section 61 of the Nigeria Tax Act 2025 is about Insurance trade or business. It provides as follows: (1) An insurance business shall be taxed as a –(a) general insurance company, whether proprietary or mutual, other than a life insurance company; or(b) life insurance company: Provided that the profits…
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Section 60 Nigeria Tax Act 2025 Section 60 of the Nigeria Tax Act 2025 is about Export processing and free trade zone entities. It provides as follows: Where a trade or business is carried on by an export processing or export free zone entity, the provisions of the Second Schedule to this Act shall apply.
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Section 59 Nigeria Tax Act 2025 Section 59 of the Nigeria Tax Act 2025 is about Development levy. It provides as follows: (1) A development levy of 4% is imposed on the assessable profits of all companies chargeable to tax under Chapters Two and Three of this Act, other than small companies and non-resident companies.…
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Section 58 Nigeria Tax Act 2025 Section 58 of the Nigeria Tax Act 2025 is about Rates of tax for individuals. It provides as follows: The income tax payable on the chargeable income of an individual, other than an individual earning the Minimum Wage in line with the Minimum Wage Act, in respect of each…
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Section 57 Nigeria Tax Act 2025 Section 57 of the Nigeria Tax Act 2025 is about Effective tax rate. It provides as follows: (1) Notwithstanding any provision of this Act or any other enactment, where, in any year of assessment, the effective tax rate of a company is less than 15%, such company shall recompute…
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Section 56 Nigeria Tax Act 2025 Section 56 of the Nigeria Tax Act 2025 is about Rate of tax for companies. It provides as follows: Tax shall be levied, for each year of assessment in respect of total profits of every company, in the case of –(a) a small company, at 0%; and (b) any…