Section 64 Nigeria Tax Act 2025

Section 64 of the Nigeria Tax Act 2025 is about Mining operations. It provides as follows:

(1) Trade or business engaged in mining operations is subject to tax under the relevant provisions of Chapter Two of this Act.

(2) For the purposes of computing the assessable profits of a company engaged in mining operations, any amount contributed to any fund, scheme or arrangement approved by the relevant authority for the purposes of providing for environmental protection, environmental remediation, mine rehabilitation,
land reclamation and mine closure shall be tax deductible:

Provided that the amount so contributed is cash-backed and invested in a dedicated account or trust fund managed by independent trustees or funds.

(3) Royalty is imposed on any mineral obtained in the course of exploration or mining operations at a rate prescribed under the Eighth Schedule to this Act, subject to the relevant provisions of Nigeria Tax Administration Act, 2025, and the royalty paid shall be tax deductible in determining the assessable profits from the trade or business.

(4) The Service shall be the relevant tax authority for the administration of the royalty imposed under this section.

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