Section 160 Nigeria Tax Act 2025

Section 160 of the Nigeria Tax Act 2025 is about Chargeable transaction and base for surcharge. It provides as follows:

(1) For the purpose of imposing surcharge on fossil fuel product, the chargeable transaction shall be the supply, sale or payment whichever occurs first.

(2) Surcharge shall be computed based on the retail price of all chargeable fossil fuel products.