Section 50 Nigeria Tax Administration Act 2025

Section 50 of the Nigeria Tax Administration Act 2025 is about Payment of tax for companies engaged in upstream petroleum operations and midstream liquefied natural gas operations. It provides as follows:

(1) Without prejudice to section 16 of this Act, the tax due for any accounting period shall be payable in equal monthly instalments together with a final instalment as provided in subsection (4).

(2) The first monthly payment shall be due and payable not later than the third month of the accounting period and shall be in an amount equal to one-twelfth or where the accounting period is less than a year, in an amount of equal monthly proportions of the amount of tax estimated to be chargeable for such accounting period in accordance with this Act.

(3) Each of the remainder of monthly payments to be made subsequent to the payment under subsection (2) shall be –
(a) due and payable not later than the last day of the month under consideration ; and

(b) in an amount equal to the amount of tax estimated to be chargeable for such period by reference to the latest returns submitted by the company in accordance with section 16 of this Act less so much as has already been paid for such accounting period divided by the number of the monthly payments remaining to be made in respect of such accounting period.

(4) A final instalment of tax shall be due and payable on or before the due date of filing of the self-assessment of tax for such accounting period and shall be the amount of the tax assessed for that accounting period less so much as has already been paid under subsections (2) and (3).

(5) Any instalments on account of tax estimated to be chargeable shall be treated as tax charged and assessed for the purpose of sections 54 and 65 of this Act.

(6) This section covers income tax on gas income under Part II of Chapter Three of the Nigeria Tax Act, 2025.

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