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 assessment shall be the period commencing from the first day after the basis period of the immediately preceding year of assessment up to the new date on which the account was made, and the assessable profits of subsequent years of assessments shall be computed on the basis of the new accounting period.

(2) Where there is a change in the accounting date under subsection (1), the taxable person shall notify the relevant tax authority not later than 30 days before the usual due date of filing its income tax returns.

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