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It sets out rules for determining assessable profits, deductions allowed or disallowed, valuation and computation methods, and treatment of resident and non-resident persons. The Act also covers rates of tax, development levy, and hydrocarbon and petroleum-related taxation, including royalty, petroleum profits tax, and production sharing contracts, followed by relief for double taxation and duty on taxable 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does the Act cover regarding taxation in Nigeria for 2025?","Question",{"text":108,"@type":109},"It covers tax imposition and assessment for income of persons, resident and non-resident taxation rules, ascertainment of profits and income, chargeable gains, tax rates, development levy, and taxation related to petroleum and hydrocarbon operations.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How does the Act address deductions in computing taxable amounts?",{"text":113,"@type":109},"It defines deductions allowed and deductions not allowed in multiple parts, including for ascertainment of assessable profits and for petroleum-related taxation, and specifies proof requirements for claims.",{"name":115,"@type":106,"acceptedAnswer":116},"What relief mechanisms are included for double taxation?",{"text":117,"@type":109},"The Act includes unilateral relief of double taxation and provides for double taxation agreements, including methods for calculating the relief 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--- | --- | --- | --- |\n\nGovernment Notice No.26ActNo.Short TitlePage7 Nigeria Tax Aet,2025A385-A597  \nNIGERIATAXACT,2025  \nARRANOEMEMT oF SicTONS  \nSection:  \nCIAPTER ONE-OBIECTTVE ANDAPPLCATION  \n1.Objective  \n2.Application  \nCHAPTERTwo-TAXATION OF NCOME oe PiaSON  \nPar I-Imposinion of Tax on Income,Pnofits or Gains  \n3.Imposition of tax  \n4.Income,profits or gnins chargeable to tax  \n5.Chargcabilityto tax  \nPart Ⅱ-Taxaniow of Resident Persons  \n6.Nigerian company  \n7.Nigeriandividends  \n8.Profits ofacompany from certain dividends9.Substitution of dividend for total profit  \n10.Certain undistributed profits may be treated as distributed  \n11Partnernship ofcompanies  \n12.Residcnt individual  \n13.Employmentincome14.Benefits-in-kind  \n15.Partnershipofindividuals  \n16.Settlements,trusts and estates  \n17.Non-resident person  \n18.Non-resident person engagedinshipping or air transport  \n19.Nigeriandividends received by non-resident persons  \nPar IV-Ascertainmenr of Pnofitn and lncome  \n20.Deductions allowed  \n21.Deductions not allowed  \n# Part V-Ascrainmen of Assessable Profits and Income\n\n22.Basis for computing asessable profitsfor trade or business  \n23.Change in accounting date  \n24.Cessation of trade or business  \n25.Continuity of trades  \n26.Basis for computing assessable income  \nPar V-Acertainment of Toual Profis of Companies  \n27.Asertainment of total profits of companies  \nPart VT-Ascertainment of Total Income ofan Indiwdual  \n28.Totalincome ofan individua29Presumptive taxation  \n30.Ascertainmen of chargeable ineomeof individuals  \n31.Deductions to be claimed  \n32.Proofof claims  \nPar VI-Ascertainment of Chargeable Gains  \n33.Chargeable gains  \n34.Chargcable assets  \n35.Disposal ofassets  \n36.Disposal of asets,provisions asto considerations  \n37.Compulsory acquisition ofland  \n38.Date ofacquisition or disposal  \n39.Computation of chargeable gnins  \n40.Expenses incured for disposal of chargeable assets  \n41.Part disposal  \n42.Consideration due afier time of disposal  \n43.Assets lost or destroyed  \n44.Bargains comprising two or more transactions  \n45.Valuationatmarket value  \n46.Location of assets  \n47.Indirect transfer of ownershipof companies or assets  \n48.Life assurance policies  \n49.Rights under policiesof insurance,other than life assurance policies  \n50.Personal injury  \n51.Principal private residences  \n52.Personal chattes  \n53.Motor vehicles  \n54.Gifs  \n55.Assets held in trust for charities  \nPan IX-Rates of Tar  \n56.Rate of tax forcompanies  \n上  \n57.Effective tax rate  \n58.Rates oftax for individuals  \n# Part X-Dewelopnent Levy\n\n59.Development levy  \nPar X7-Specialised Trade or Business  \n60.Export procesing and free trade zone entities  \n61.Insurance trnde or business  \n62.Lottery and gaming trade or business  \n63.Collective investment scheme  \n64.Mining operations  \nCHAPTER TIREE-TAXATDOs o bcOME FROM PeTROLELM OreATONS  \n# Part 1-Hydrocarbon Tax,Ascertainmenr of Chargeable Tax,Ascertainment of Chargeable\n\nProfits and Consolidation for Tax Pwrposes  \n65.Application of his Part  \n66.Charge of hydroearbon tax  \n67.Ascertainment of crude oil revenue,adjusted profit,assessable profits  \n68.Allowable deductions  \n69.Deductions not allowed  \n70.Assessable profits and losses  \n71.Chargeable profits andallowances72.Chargeable hydrocarbon tax  \n73.Additional chargeable tax payable in certain cireumstances74.Pre productioncost  \n75.Trade orbusinesssold or transferred  \n76.Consolidationof costs and revenue  \n77.Partnerships  \n78.Income taxon petroleum operations  \n79.Registration and use of separate company for cach stream of petroleumoperations  \n80.Provisions relating to gas  \n81.Allowances for the purposes of income tax on petroleum operation  \n82.Expensedeductibility  \n83.Basis period for income taxon petrolcum operations84.Additional ineome tax payable in certain circumstances  \n85.Non-Associnted gas gr","cbCaincdJmGQ1uBB","https://ap.wps.com/l/cbCaincdJmGQ1uBB","pdf",62076686,215,"English","# CHAPTER ONE - OBJECTIVE AND APPLICATION\n## 1. Objective\n## 2. Application\n# CHAPTER TWO - TAXATION OF INCOME OF PERSONS\n## Par I - Imposition of Tax on Income, Profits or Gains\n## Part II - Taxation of Resident Persons\n## Part III - Ascertainment of Profit and Income\n## Part IV - Ascertainment of Assessable Profits and Income\n## Part V - Ascertainment of Total Profits of Companies\n## Part VI - Ascertainment of Total Income of an Individual\n## Part VII - Ascertainment of Chargeable Gains\n## Part VIII - Rates of Tax\n# Part X - Development Levy\n## 59. Development levy\n# CHAPTER THREE - TAXATION OF INCOME FROM PETROLEUM OPERATIONS\n## Part I - Hydrocarbon Tax and Related Provisions\n## Part II - Petroleum Profits Tax and Related Provisions\n## Part III - Offshore and Inland Basin Production Sharing Contracts\n# CHAPTER FOUR - RELIEF FOR DOUBLE TAXATION\n## Unilateral relief of double taxation\n## Double taxation agreement\n## Method of calculating relief\n# CHAPTER FIVE - TAXATION OF DUTABLE ITEMS\n## Part I - Imposition of Stamp Duties","[{\"question\":\"What does the Act cover regarding taxation in Nigeria for 2025?\",\"answer\":\"It covers tax imposition and assessment for income of persons, resident and non-resident taxation rules, ascertainment of profits and income, chargeable gains, tax rates, development levy, and taxation related to petroleum and hydrocarbon operations.\"},{\"question\":\"How does the Act address deductions in computing taxable amounts?\",\"answer\":\"It defines deductions allowed and deductions not allowed in multiple parts, including for ascertainment of assessable profits and for petroleum-related taxation, and specifies proof requirements for claims.\"},{\"question\":\"What relief mechanisms are included for double taxation?\",\"answer\":\"The Act includes unilateral relief of double taxation and provides for double taxation agreements, including methods for calculating the relief allowed.\"}]","NIGERIA TAX ACT, 2025 - ARRANGEMENT OF SECTIONS | PDF",1789812173,75]