Section 90 Nigeria Tax Act 2025 Section 90 of the Nigeria Tax Act 2025 is about Charge of petroleum profits tax. It provides as follows: (1) This Part shall apply to oil prospecting licences and oil mining leases that are yet to convert under the provisions of the Petroleum Industry Act. (2) Subject to Part…

Section 89 Nigeria Tax Act 2025 Section 89 of the Nigeria Tax Act 2025 is about Petroleum royalty. It provides as follows: (1) All production of petroleum, including production tests shall be subject to royalties as provided in the Seventh Schedule to this Act. (2) The Service shall be the relevant tax authority for the…

Section 88 Nigeria Tax Act 2025 Section 88 of the Nigeria Tax Act 2025 is about Fiscal stabilisation. It provides as follows: (1) Fiscal stabilisation sections contained in a production sharing contract or other contracts entered into after the commencement of the Petroleum Industry Act shall not be applicable to the fiscal provisions listed in…

Section 87 Nigeria Tax Act 2025 Section 87 of the Nigeria Tax Act 2025 is about General application of this Part and other matters. It provides as follows: (1) This Part and the provisions of the Petroleum Industry Act shall not apply to holders of an oil prospecting licence or oil mining lease who do…

Section 86 Nigeria Tax Act 2025 Section 86 of the Nigeria Tax Act 2025 is about Provision relating to decommissioning and abandonment of funds. It provides as follows: Notwithstanding section 233(1) of the Petroleum Industry Act, a provision made for decommissioning and abandonment fund shall not be deductible for tax purposes, except – (a) the…

Section 85 Nigeria Tax Act 2025 Section 85 of the Nigeria Tax Act 2025 is about Non-Associated gas greenfield developments in onshore and shallow water terrains. It provides as follows: (1) Notwithstanding the provisions of this Act or any other law, theprovisions of this section shall apply to all Non-Associated Gas greenfield developments in onshore…

Section 84 Nigeria Tax Act 2025 Section 84 of the Nigeria Tax Act 2025 is about Additional income tax payable in certain circumstances. It provides as follows: (1) Where, for any accounting period of a company, there is a sale ofchargeable oil or chargeable gas between connected persons, or disposal ofchargeable oil or chargeable gas…

Section 83 Nigeria Tax Act 2025 Section 83 of the Nigeria Tax Act 2025 is about Basis period for income tax on petroleum operations. It provides as follows: Any company involved in upstream petroleum operations shall apply the accounting periods established for hydrocarbon tax on an actual year basis for its income tax.

Section 82 Nigeria Tax Act 2025 Section 82 of the Nigeria Tax Act 2025 is about Expense deductibility. It provides as follows: (1) For the purpose of determining income tax, section 20 of this Act shall be read in conjunction with the provisions of this subsection as regards the followings – (a) all rents and…

Section 81 Nigeria Tax Act 2025 Section 81 of the Nigeria Tax Act 2025 is about Allowances for the purposes of income tax on petroleum operations. It provides as follows: (1) Acquisition costs of petroleum rights shall be eligible for annual allowance at the rate of 20% until the cost is fully written off. (2)…