Section 179 Nigeria Tax Act 2025

Section 179 of the Nigeria Tax Act 2025 is about Books and records for priority products. It provides as follows:

(1) Where a priority company carries on a non-priority business, the company shall maintain separate records of income and books of account for each business.

(2) The records of each business certified by an auditor, shall be sufficient to enable the determination of the turnover, income or profits of each class of business.

(3) Where, in the opinion of the Service, the company has not complied with the provision of this section, all the income of the company shall be deemed non-priority and economic development tax credit shall not be granted.

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