Section 91 Nigeria Tax Act 2025

Section 91 of the Nigeria Tax Act 2025 is about Ascertainment of profits, adjusted profit, assessable profits and chargeable profits. It provides as follows:

(1) Subject to the provisions of this Part, the revenue of a company in an accounting period shall be the aggregate of –
(a) the proceeds of sale of all chargeable oil sold by the company in that period;

(b) the value of all chargeable oil disposed by the company in that period;
(c) all income of the company of that period incidental to and arising
from any one or more of its petroleum operations; and

(d) gains arising from the disposal of assets accruing to the company in any accounting period, ascertained in accordance with the relevant provisions of Part VIII of Chapter two of this Act which shall be taxable at the rate provided under section 56 of this Act.

(2) For the purposes of subsection (1)(b), the value of any chargeable oil disposed shall be taken to be the value of that oil in line with the applicable legislation.

(3) The adjusted profit of an accounting period shall be the profits of that period after the deductions allowed under section 92(1) of this Act and any adjustment to be made in accordance with the provisions of sections 92(2) and 96 of this Act.

(4) The assessable profit of an accounting period shall be the adjusted profit of that period after any deduction allowed under section 97 of this Act.

(5) The chargeable profits of an accounting period shall be the assessable profits of that period after the deductions allowed under section 98 of this Act.

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