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Section 12 Nigeria Tax Act 2025 Section 12 of the Nigeria Tax Act 2025 is about Resident individual. It provides as follows: The income, gains or profits of an individual who is a resident of Nigeria are deemed to accrue in Nigeria and are chargeable to tax in Nigeria wherever they arise, and whether or…
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Section 11 Nigeria Tax Act 2025 Section 11 of the Nigeria Tax Act 2025 is about Partnership of companies. It provides as follows: (1) Where two or more companies carry out a trade or business in a partnership, joint venture or a similar arrangement in Nigeria, any income or profit arising therefrom shall constitute a…
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Section 10 Nigeria Tax Act 2025 Section 10 of the Nigeria Tax Act 2025 is about Certain undistributed profits may be treated as distributed. It provides as follows: (1) Where a Nigerian company controlled by not more than five individuals has not distributed to its shareholders as dividend, profits made in any period for which…
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Section 9 Nigeria Tax Act 2025 Section 9 of the Nigeria Tax Act 2025 is about Substitution of dividend for total profit. It provides as follows: (1) Where a Nigerian company declares dividend out of profits on which no tax is payable due to –(a) there being no total profits, or (b) total profits which…
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Section 8 Nigeria Tax Act 2025 Section 8 of the Nigeria Tax Act 2025 is about Profits of a company from certain dividends. It provides as follows: (1) A company shall include dividend income in its profits, gross of any tax paid or deducted at source. (2) Dividends received by a Nigerian company by way…
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Section 7 Nigeria Tax Act 2025 Section 7 of the Nigeria Tax Act 2025 is about Nigerian dividends. It provides as follows: (1) Nigerian dividends include –(a) dividend distributed by a Nigerian company, and shall be the gross amount of that dividend before any deduction; and (b) any amount of the undistributed profit of a…
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Section 6 Nigeria Tax Act 2025 Section 6 of the Nigeria Tax Act 2025 is about Nigerian company. It provides as follows: (1) The profits of a Nigerian company are deemed to accrue in Nigeria wherever the profits arise and whether or not such profits have been brought into or received in Nigeria. (2) Where…
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Section 5 Nigeria Tax Act 2025 Section 5 of the Nigeria Tax Act 2025 is about Chargeability to tax. It provides as follows: (1) A company may be charged to tax –(a) in its own name; (b) in the name of any principal officer, attorney, factor, agent or representative of the company in Nigeria in…
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Section 4 Nigeria Tax Act 2025 Section 4 of the Nigeria Tax Act 2025 is about Income, profits or gains chargeable to tax. It provides as follows: (1) Income, profits or gains of a person accruing in or derived from Nigeria, including –(a) profits or gains from any trade, business, profession or vocation for whatever…
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Section 3 Nigeria Tax Act 2025 Section 3 of the Nigeria Tax Act 2025 is about Imposition of tax. It provides as follows: Income tax shall be determined in accordance with the provisions of this Act, and imposed on the –(a) profits or gains of any company or enterprise ; (b) income of any individual…