Section 40 Nigeria Tax Act 2025 Section 40 of the Nigeria Tax Act 2025 is about Expenses incurred for disposal of chargeable assets. It provides as follows: Any incidental cost incurred wholly and exclusively for the purpose of disposal of a chargeable asset is deductible from the disposal proceeds for the purposes of determining the…

Section 39 Nigeria Tax Act 2025 Section 39 of the Nigeria Tax Act 2025 is about Computation of chargeable gains. It provides as follows: The gains chargeable to tax shall, subject to other provisions of this Act, be computed as follows – (a) in the case of a disposal of an asset used for a…

Section 38 Nigeria Tax Act 2025 Section 38 of the Nigeria Tax Act 2025 is about Date of acquisition or disposal. It provides as follows: Any asset acquired or disposed of by a person chargeable to tax shall, be deemed to have been acquired or disposed of at the date at which there is an…

Section 37 Nigeria Tax Act 2025 Section 37 of the Nigeria Tax Act 2025 is about Compulsory acquisition of land. It provides as follows: (1) A person shall not be charged to tax under this Act in respect of gains on any acquisition and disposal of land by reference to a disposal to an authority…

Section 36 Nigeria Tax Act 2025 Section 36 of the Nigeria Tax Act 2025 is about Disposal of assets, provisions as to considerations. It provides as follows: (1) Subject to the provisions of this Act, the acquisition and disposal of an asset by a person shall be deemed to be for a consideration equal to…

Section 35 Nigeria Tax Act 2025 Section 35 of the Nigeria Tax Act 2025 is about Disposal of assets. It provides as follows: (1) For the purpose of this Act, there is a disposal of assets by a person where any sum is derived from a sale, lease, transfer, an assignment, a compulsory acquisition or…

Section 34 Nigeria Tax Act 2025 Section 34 of the Nigeria Tax Act 2025 is about Chargeable assets. It provides as follows: (1) Subject to exemptions as may be provided in Part I of Chapter Eight of this Act, all forms of property shall be chargeable assets for the purpose of this Part, whether situated…

Section 33 Nigeria Tax Act 2025 Section 33 of the Nigeria Tax Act 2025 is about Chargeable gains. It provides as follows: (1) Gains accruing to any person in a year of assessment shall be chargeable to tax in accordance with the provisions of this Act. (2) Gains on which tax is to be assessed…

Section 32 Nigeria Tax Act 2025 Section 32 of the Nigeria Tax Act 2025 is about Proof of claims. It provides as follows: (1) The relevant tax authority may require a claimant to a deduction under section 30 (2) (a) of this Act to produce such documentary evidence as may be necessary in support of…

Section 31 Nigeria Tax Act 2025 Section 31 of the Nigeria Tax Act 2025 is about Deductions to be claimed. It provides as follows: Deduction shall not be allowed under this Part to any person for a year of assessment, unless claimed in writing in such form as the relevant tax authority may prescribe.