Section 120 Nigeria Tax Act 2025 Section 120 of the Nigeria Tax Act 2025 is about Unilateral relief of double taxation. It provides as follows: (1) Where, in any year of assessment, any part of the income or profit of a resident of Nigeria, derived from outside Nigeria, has been charged to tax in the…

Section 119 Nigeria Tax Act 2025 Section 119 of the Nigeria Tax Act 2025 is about Interpretation. It provides as follows: In this Part -–“accounting date” means the date on which a company usually prepares its accounting statement; “accounting period” in relation to a company engaged in upstreampetroleum operations, means-(a) a period of one year…

Section 118 Nigeria Tax Act 2025 Section 118 of the Nigeria Tax Act 2025 is about Administration of royalties. It provides as follows: (1) The Service shall administer royalties payable under this Act in accordance with the provisions of the Nigeria Tax Administration Act, 2025. (2) Notwithstanding any other provision of this Act and any…

Section 117 Nigeria Tax Act 2025 Section 117 of the Nigeria Tax Act 2025 is about Review of the production sharing contract. It provides as follows: The Minister charged with responsibility for matters relating to petroleum shall cause the Commission to call for a review of production sharing contracts every eight years.

Section 116 Nigeria Tax Act 2025 Section 116 of the Nigeria Tax Act 2025 is about Adaptation of laws. It provides as follows: The relevant provisions of all existing laws, including the Petroleum Act and Part II of Chapter Three of this Act shall be read with such modifications as to bring them into conformity…

Section 115 Nigeria Tax Act 2025 Section 115 of the Nigeria Tax Act 2025 is about Submission of receipts. It provides as follows: The holder shall make available to the contractor copies of the receipts issued by the Service bearing the names of each party as defined in the production sharing contract in accordance with…

Section 114 Nigeria Tax Act 2025 Section 114 of the Nigeria Tax Act 2025 is about Use of realisable price in determining royalty and petroleum profits tax in respect of crude oil. It provides as follows: (1) The realisable price as defined in the production sharing contract established by the holder in accordance with the…

Section 113 Nigeria Tax Act 2025 Section 113 of the Nigeria Tax Act 2025 is about Chargeable tax petroleum operations. It provides as follows: The chargeable tax on petroleum operations in the contract area under the production sharing contracts shall be split between the holder and the contractor in the same ratio as the split…

Section 112 Nigeria Tax Act 2025 Section 112 of the Nigeria Tax Act 2025 is about Payment royalty. It provides as follows: (1) The holder shall pay all royalty, concession rentals and petroleum profits tax on behalf of itself and the contractor out of the allocated royalty oil and tax oil. (2) The Service shall…

Section 111 Nigeria Tax Act 2025 Section 111 of the Nigeria Tax Act 2025 is about Allocation of profit oil. It provides as follows: Profit oil, being the balance of available crude oil after deducting royalty oil, tax oil and cost oil, shall be allocated to each party in accordance with the terms of the…