Section 30 Nigeria Tax Act 2025 Section 30 of the Nigeria Tax Act 2025 is about Ascertainment of chargeable income of individuals. It provides as follows: (1) The chargeable income of an individual, is the total income of that individual ascertained under the provisions of section 28 of this Act, less eligible deductions. (2) For…

Section 29 Nigeria Tax Act 2025 Section 29 of the Nigeria Tax Act 2025 is about Presumptive taxation. It provides as follows: Notwithstanding any provisions of Chapter Two of this Act, where for all practical purposes, the income of a person chargeable to tax under this Act cannot be ascertained or records are not kept…

Section 28 Nigeria Tax Act 2025 Section 28 of the Nigeria Tax Act 2025 is about Total income of an individual. It provides as follows: (1) The total income of an individual for any year of assessment is the taxable income less total deduction. (2) For the purposes of subsection (1) –(a) taxable income is…

Section 27 Nigeria Tax Act 2025 Section 27 of the Nigeria Tax Act 2025 is about Ascertainment of total profits of companies First Schedule. It provides as follows: (1) The total profits of a company for any year of assessment, shallbe the amount of its total assessable profits from all sources, including chargeable gains computed…

Section 26 Nigeria Tax Act 2025 Section 26 of the Nigeria Tax Act 2025 is about Basis for computing assessable profits for trade or business. It provides as follows: (1) With respect to income from an employment or pension, the assessable income of an individual shall be the amount of the income of the year…

Section 25 Nigeria Tax Act 2025 Section 25 of the Nigeria Tax Act 2025 is about Continuity of trades. It provides as follows: An individual carrying on a trade, business, profession or vocation, shall not be treated as having commenced or ceased to do so solely by reason of a change in the territory in…

Section 24 Nigeria Tax Act 2025 Section 24 of the Nigeria Tax Act 2025 is about Cessation of trade or business. It provides as follows: (1) Where a trade, business, profession or vocation permanently ceases to carry on operations in Nigeria in an accounting period, the assessable profits for the relevant year of assessment shall…

Section 23 Nigeria Tax Act 2025 Section 23 of the Nigeria Tax Act 2025 is about Change in accounting date. It provides as follows: (1) Where a taxable person changes the date to which it usually computes its assessable profits, the basis period for the computation of the assessable profits for the relevant year of…

Section 22 Nigeria Tax Act 2025 Section 22 of the Nigeria Tax Act 2025 is about Basis for computing assessable profits for trade or business. It provides as follows: (1) Except as provided in this section, the profits of any trade, business, profession or vocation for each year of assessment (the assessable profits) shall be…

Section 21 Nigeria Tax Act 2025 Section 21 of the Nigeria Tax Act 2025 is about Deductions not allowed. It provides as follows: A deduction shall not be allowed for the purposes of ascertaining the profits or income from any trade, business, profession or vocation in respect of – (a) capital repaid or withdrawn from…