Section 60 Nigeria Tax Act 2025 Section 60 of the Nigeria Tax Act 2025 is about Export processing and free trade zone entities. It provides as follows: Where a trade or business is carried on by an export processing or export free zone entity, the provisions of the Second Schedule to this Act shall apply.

Section 59 Nigeria Tax Act 2025 Section 59 of the Nigeria Tax Act 2025 is about Development levy. It provides as follows: (1) A development levy of 4% is imposed on the assessable profits of all companies chargeable to tax under Chapters Two and Three of this Act, other than small companies and non-resident companies.…

Section 58 Nigeria Tax Act 2025 Section 58 of the Nigeria Tax Act 2025 is about Rates of tax for individuals. It provides as follows: The income tax payable on the chargeable income of an individual, other than an individual earning the Minimum Wage in line with the Minimum Wage Act, in respect of each…

Section 57 Nigeria Tax Act 2025 Section 57 of the Nigeria Tax Act 2025 is about Effective tax rate. It provides as follows: (1) Notwithstanding any provision of this Act or any other enactment, where, in any year of assessment, the effective tax rate of a company is less than 15%, such company shall recompute…

Section 56 Nigeria Tax Act 2025 Section 56 of the Nigeria Tax Act 2025 is about Rate of tax for companies. It provides as follows: Tax shall be levied, for each year of assessment in respect of total profits of every company, in the case of –(a) a small company, at 0%; and (b) any…

Section 55 Nigeria Tax Act 2025 Section 55 of the Nigeria Tax Act 2025 is about Assets held in trust for charities. It provides as follows: (1) Any property held in trust for –(a) a religious or charitable institution of a public character,(b) any statutory or registered friendly society,(c) any co-operative society registered under the…

Section 54 Nigeria Tax Act 2025 Section 54 of the Nigeria Tax Act 2025 is about Gifts. It provides as follows: (1) Where a person disposes by way of a gift, an asset acquired by him by way of a gift or any other form of gift, not being an acquisition on a devolution on…

Section 53 Nigeria Tax Act 2025 Section 53 of the Nigeria Tax Act 2025 is about Motor vehicles. It provides as follows: (1) A motor vehicle used solely for private or non-profit purposes shall not be an asset for the purposes of this Part. (2) The exemption under this section shall be limited to not…

Section 52 Nigeria Tax Act 2025 Section 52 of the Nigeria Tax Act 2025 is about Personal chattels. It provides as follows: (1) A gain accruing on a disposal of an asset which is tangible movable property being personal chattels of an individual shall not be a chargeable gain if the total amount or value…

Section 51 Nigeria Tax Act 2025 Section 51 of the Nigeria Tax Act 2025 is about Principal private residences. It provides as follows: (1) The gains accruing to an individual are exempt from tax in respect of the disposal of, or an interest in –(a) a dwelling-house or part of such dwelling-house; and(b) land, other…