Section 123 Nigeria Tax Act 2025

Section 123 of the Nigeria Tax Act 2025 is about Interpretation. It provides as follows:

For purpose of Chapter Four of this Act –

“foreign tax” means any tax paid to a treaty partner and covered by an
agreement with the treaty partner;

“foreign profit” means a profit liable to tax under this Act and to a
treaty partner;

“foreign income” means an income liable to tax under this Act and to a
treaty partner;

“Nigerian tax” means income tax chargeable under this Act;

“total income” means the income or profits of a Nigerian resident including the foreign income; and

“treaty partner” means a country with which Nigeria has an agreement
for the relief of double taxation.

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