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…

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…

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…

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…

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…

Section 65 Nigeria Tax Act 2025 Section 65 of the Nigeria Tax Act 2025 is about Application of this Part. It provides as follows: (1) This Part shall apply to companies engaged in upstream petroleum operations in the onshore, shallow water and deep offshore with licences and leases under the Petroleum Industry Act. (2) In…

Section 64 Nigeria Tax Act 2025 Section 64 of the Nigeria Tax Act 2025 is about Mining operations. It provides as follows: (1) Trade or business engaged in mining operations is subject to tax under the relevant provisions of Chapter Two of this Act. (2) For the purposes of computing the assessable profits of a…

Section 63 Nigeria Tax Act 2025 Section 63 of the Nigeria Tax Act 2025 is about Collective investment scheme. It provides as follows: (1) Where under the provisions of the Investments and Securities Act, a mutual fund is established for the purpose of providing facilities for the participation of the public, as beneficiaries under a…

Section 62 Nigeria Tax Act 2025 Section 62 of the Nigeria Tax Act 2025 is about Lottery and gaming trade or business. It provides as follows: (1) Notwithstanding anything to the contrary in any other law, the income of lottery and gaming trade or business shall be charged to tax in accordance with the provisions…

Section 61 Nigeria Tax Act 2025 Section 61 of the Nigeria Tax Act 2025 is about Insurance trade or business. It provides as follows: (1) An insurance business shall be taxed as a –(a) general insurance company, whether proprietary or mutual, other than a life insurance company; or(b) life insurance company: Provided that the profits…