Section 160 Nigeria Tax Act 2025 Section 160 of the Nigeria Tax Act 2025 is about Chargeable transaction and base for surcharge. It provides as follows: (1) For the purpose of imposing surcharge on fossil fuel product, the chargeable transaction shall be the supply, sale or payment whichever occurs first. (2) Surcharge shall be computed…

Section 159 Nigeria Tax Act 2025 Section 159 of the Nigeria Tax Act 2025 is about Imposition of surcharge. It provides as follows: A surcharge is imposed at 5% on chargeable fossil fuel products provided or produced in Nigeria, and shall be collected at the time a chargeable transaction occurs.

Section 158 Nigeria Tax Act 2025 Section 158 of the Nigeria Tax Act 2025 is about Fiscalisation of supplies for VAT. It provides as follows: (1) A taxable person making a taxable supply shall implement the fiscalisation system deployed by the Service in accordance with Nigeria Tax Administration Act, 2025. (2) The fiscalisation system may…

Section 157 Nigeria Tax Act 2025 Section 157 of the Nigeria Tax Act 2025 is about Business sold out. It provides as follows: The provisions of section 190 of this Act shall apply in respect of sale or transfer of trade, business, profession or vocation carried on in Nigeria.

Section 156 Nigeria Tax Act 2025 Section 156 of the Nigeria Tax Act 2025 is about Credit for input tax and remission of VAT. It provides as follows: (1) A taxable person shall, not later than the due date for rendering the relevant tax return prescribed by the Nigeria Tax Administration Act, 2025, where the…

Section 155 Nigeria Tax Act 2025 Section 155 of the Nigeria Tax Act 2025 is about Collection of VAT by persons other than the supplier. It provides as follows: (1) Without prejudice to any provision of this Act or any other tax law, the following persons shall collect or withhold VAT on taxable supplies made…

Section 154 Nigeria Tax Act 2025 Section 154 of the Nigeria Tax Act 2025 is about Collection of VAT by taxable person. It provides as follows: (1) A taxable person shall, on making taxable supplies under Chapter Six of this Act, collect VAT at the rate specified in section 148 of this Act. (2) The…

Section 153 Nigeria Tax Act 2025 Section 153 of the Nigeria Tax Act 2025 is about VAT Invoice. It provides as follows: (1) A taxable person who makes a taxable supply shall maintain a sequential invoice numbering, and shall in respect of a supply, furnish the purchaser with a VAT invoice containing, the following –…

Section 152 Nigeria Tax Act 2025 Section 152 of the Nigeria Tax Act 2025 is about Payment of VAT by taxable person. It provides as follows: (1) A taxable person shall pay VAT to a supplier on the taxable supply made to the person. (2) The VAT paid by a taxable person under subsection (1)…

Section 151 Nigeria Tax Act 2025 Section 151 of the Nigeria Tax Act 2025 is about Taxable supply of non-residents. It provides as follows: (1) A non-resident person who makes taxable supplies to Nigeria shall register for tax and include VAT on its invoice for all taxable supplies. (2) Where a non-resident person is making…