CENTER FOR LAWS OF NIGERIA: FEDERAL LAWS
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COMPANIES INCOME TAX ACT
CHAPTER C21 LAWS OF THE FEDERATION OF NIGERIA, L.F.N. 2004 [CONSOLIDATED WITH THE INANCE ACT 2019; FINANCE ACT 2020; AND FINANCE ACT 2021]
ARRANGEMENT OF SECTIONS
PART I – [Repealed]
PART 11 – Imposition of tax and profits chargeable
9. Charge of tax.
10. Identification of a Company.
11. Charge of tax on interest relating to foreign and agricultural loans and certain reliefs.
12. Full disclosure of agreement to be made.
13. Nigerian companies.
14. Companies engaged in shipping or air transport.
15. Cable undertakings.
16. Insurance companies.
17. Authorised unit trust scheme.
18. Profits of a company from certain dividends.
19. Payment of dividend by Nigerian company.
20. Nigerian dividends received by companies other than Nigerian companies.
21. Certain undistributed profits may be treated as distributed.
22. Artificial transactions. etc.
23. Profits exempted.
PART III – Ascertainment of profits
24. Deductions allowed.
25. Deductible donations.
26. Deduction for research and development.
27. Deductions not allowed.
28. Waivers or refund of liability or expenses.
PART IV – Ascertainment of assessable profits
29. Basis for computing assessable profits.
30. Service ‘s power to assess and charge on turn‐over of trade or business.
Companies Income Tax Act
PART V – Ascertainment of total profits
31. Total profits from all sources.
32. Reconstruction investment allowance.
33. Payment of minimum tax.
34. Rural investment allowance.
35. Export processing zone allowance.
36. Mining of solid minerals.
37. Incomes in convertible currencies to be exempt.
38. Local plants and fabrication of spare parts.
PART VI – Incentives to gas industry
39. Gas utilisation (downstream operations).
PART VII – Rate of tax, deduction of tax from dividends and relief from double taxation
40. Rates of tax.
41. Replacement of obsolete plant and machinery.
42. (Deleted by 2007 No. 56, s. 12.)
43. Dividends and tax on interim dividends paid by Nigerian companies.
44. Relief in respect or Commonwealth income tax.
45. Double taxation arrangements.
46. Method of calculating relief to be allowed for double taxation.
PART VIII – Persons chargeable, agents, liquidators, etc.
47. Chargeability to tax.
48. Manager, etc., to be answerable.
49. Power to appoint agent.
50. Indemnification of manager, etc., or agent.
51. Company wound up.
52. Liability to file return.
53. Self‐assessment of tax payable.
54. Currency of assessment.
PART IX – Returns
55. Returns and provisional accounts.
56. …….
57. Filing of returns by companies operating in the capital market.
Companies Income Tax Act
58. Service may call for further returns.
59. Extension of period of making returns.
60. Call for returns, books, documents and information.
61. Information to be delivered by bankers.
62. Return deemed to be furnished by due authority.
63. Books of account.
64. Power to enter and search premises.
PART X – Assessments
65. Service to make assessments.
66. Additional assessments.
67. Lists of companies assessed.
68. Service of notice of assessment.
69. Revision of assessment in case of objection.
70. Errors and defects in assessment and notice.
PART XI – Appeals
71 to 75.
76. Assessments to be final and conclusive.
PART XII – Collection, recovery and repayment of tax
77. Time within which tax (including provisional tax) is to be paid.
78. Deduction of tax from interest, etc.
79. Deduction of tax on rent.
80. Deduction of tax from dividend.
81. Deduction of tax at source.
82. Penalty for failure to deduct tax.
83. Accountant‐General of the Federation to deduct tax.
84. Payment of tax deducted.
85. Addition for non‐payment of tax and enforcement of payment.
86. Power to distrain fur non‐payment of tax.
87. Action for tax by Service and refusal of clearance where tax is in default.
88. Attendance of director, etc., at proceedings, etc.
89. Remission of tax.
90. Relief in respect of error or mistake.
91. Repayment of tax.
PART XIII – Offences and penalties
92. Penalty for offences.
93. False statements and returns.
94. Penalties for offences by authorised and unauthorised persons.
95. Tax to be payable notwithstanding proceedings for penalties.
96. Prosecution to be with the sanction of the Service.
97. Savings for criminal proceedings.
98. Place of an offence.
PART XIV – Miscellaneous
99. Power to alter rate of tax, etc.
100. Tax clearance certificate.
101. Conduct of proceedings.
102. Power to pay reward.
103. Repeals, transitional provisions, etc.
104. Interpretation.
105. Short title and application.
COMPANIES INCOME TAX ACT
CHAPTER C21 LAWS OF THE FEDERATION OF NIGERIA, L.F.N. 2004 [CONSOLIDATED WITH THE INANCE ACT 2019; FINANCE ACT 2020; AND FINANCE ACT 2021]
An Act to consolidate the provisions of the Companies Income Tax Act 1961 and to make other provisions relating thereto.
PART I – (Repealed by 2007 No. 56, s. 2(1).)
PART II – Imposition of tax and profits chargeable
9. Charge of tax
(1) Subject to the provisions of this Act, the tax shall, for each year of assessment, be payable at the rate specified in subsection (1) of section 40 of this Act upon the profits of any company accruing in, derived from, brought into, or received in, Nigeria that are not subject to tax under the Capital Gains Tax Act, Petroleum Profits Tax Act and Personal Income Tax Act, such profits shall include ‐ [Amended by Finance Act, 2019, s. 2(a)(i)]
ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)