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 the profits of the accounting period immediately preceding the year of assessment from all sources.

(2) Notwithstanding the provisions of subsection (1), the assessable profits of the first year of assessment for a new business, shall be the profits from the date in which such trade, business, profession or vocation commences in Nigeria to the end of the first accounting period.

[/membership]