Section 80 Nigeria Tax Act 2025 Section 80 of the Nigeria Tax Act 2025 is about Provisions relating to gas. It provides as follows: (1) In addition to the economic development tax incentive that may be granted under Part II of Chapter Eight of this Act, investors in gas pipeline shall be granted a tax-free…

Section 79 Nigeria Tax Act 2025 Section 79 of the Nigeria Tax Act 2025 is about Registration and use of separate company for each stream of petroleum operations. It provides as follows: (1) Subject to sections 142 (2) and 197(2) of the Petroleum Industry Act, a person intending to be involved in more than one…

Section 78 Nigeria Tax Act 2025 Section 78 of the Nigeria Tax Act 2025 is about Income tax on petroleum operations. It provides as follows: (1) Sections 78 to 88 of this Act and the provisions of chapter two of this Act shall apply to any company, concessionaire, licensee, lessee, contractor or subcontractor involved in…

Section 77 Nigeria Tax Act 2025 Section 77 of the Nigeria Tax Act 2025 is about Partnerships. It provides as follows: (1) A person, other than a company, who engages in upstream petroleum operations either on his own account or jointly with any other person or inpartnership with any other person with a view to…

Section 76 Nigeria Tax Act 2025 Section 76 of the Nigeria Tax Act 2025 is about Consolidation of costs and revenue. It provides as follows: (1) A company engaged in upstream petroleum operations across terrains shall be allowed to consolidate costs and incomes for the purpose of income tax under Chapter Two of this Act.…

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…

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…

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,…

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…

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…