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Section 75 Nigeria Tax Act 2025 Section 75 of the Nigeria Tax Act 2025 is about Trade or business sold or transferred. It provides as follows: The sale or transfer of a trade or business of upstream petroleum operations carried on in Nigeria by a company to another company shall be treated in accordance with…
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Section 74 Nigeria Tax Act 2025 Section 74 of the Nigeria Tax Act 2025 is about Pre-production cost. It provides as follows: Where a company has not commenced the production and sale or disposal of chargeable oil, all costs incurred wholly and exclusively for the purpose of coming into upstream petroleum operations, subject to sections…
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Section 73 Nigeria Tax Act 2025 Section 73 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 ofchargeable oil between connected persons, or disposal of chargeable oil between connected or unconnected persons,…
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Section 72 Nigeria Tax Act 2025 Section 72 of the Nigeria Tax Act 2025 is about Chargeable hydrocarbon tax. It provides as follows: The chargeable hydrocarbon tax for any accounting period of a company shall be a percentage of the aggregated chargeable profit for that period and it shall be – (a) 30% of the…
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Section 71 Nigeria Tax Act 2025 Section 71 of the Nigeria Tax Act 2025 is about Chargeable profits and allowances. It provides as follows: (1) The chargeable profits of a company for any accounting period shall be the amount of the assessable profits of that period after the deduction of any amount to be allowed…
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Section 70 Nigeria Tax Act 2025 Section 70 of the Nigeria Tax Act 2025 is about Assessable profits and losses. It provides as follows: (1) The assessable profits for each company or petroleum mining lease for any accounting period shall be the amount of the adjusted profit of that period after the deduction of the…
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Section 69 Nigeria Tax Act 2025 Section 69 of the Nigeria Tax Act 2025 is about Deductions not allowed. It provides as follows: Subject to this Part, for the purpose of ascertaining the adjusted profit of a company in the accounting period from its upstream petroleum operations applicable to crude oil, no deduction shall be…
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Section 68 Nigeria Tax Act 2025 Section 68 of the Nigeria Tax Act 2025 is about Allowable deductions. It provides as follows: (1) In computing the adjusted profit of a company engaged in upstream petroleum operations related to crude oil for any accounting period, there shall be deducted expenses wholly and exclusively incurred during that…
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Section 67 Nigeria Tax Act 2025 Section 67 of the Nigeria Tax Act 2025 is about Ascertainment of crude oil revenue, adjusted profit, assessable profits. It provides as follows: (1) Subject to this Part and the relevant provisions of the Petroleum Industry Act, in relation to any accounting period, the crude oil revenue of a…
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Section 66 Nigeria Tax Act 2025 Section 66 of the Nigeria Tax Act 2025 is about Charge of hydrocarbon tax. It provides as follows: Subject to the provisions of section 65(2) of this Act, there is levied upon the profits of any company engaged in upstream petroleum operations in relation to crude oil, a tax…