AN ACT TO REPEAL THE CAPITAL GAINS TAX ACT, THE CASINO ACT, THE COMPANIES INCOME TAX ACT, THE DEEP OFFSHORE AND INLAND BASIN PRODUCTION SHARING CONTRACTS ACT, THE INDUSTRIAL DEVELOPMENT (INCOME TAX RELIEF) ACT, INCOME TAX (AUTHORISED COMMUNICATIONS) ACT, PERSONAL INCOME TAX ACT, STAMP DUTIES ACT, VALUE ADDED TAX ACT AND THE VENTURE CAPITAL (INCENTIVES) ACT; TO AMEND THE NIGERIA EXPORT PROCESSING ZONES ACT, THE OIL AND GAS FREE TRADE ZONE ACT, THE NATIONAL INFORMATION TECHNOLOGY DEVELOPMENT AGENCY ACT, PETROLEUM INDUSTRY ACT, TERTIARY EDUCATION TRUST FUND (ESTABLISHMENT, ETC.) ACT, THE NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE ACT, THE CUSTOMS, EXCISE TARIFFS, ETC. (CONSOLIDATION) ACT, THE NATIONAL LOTTERY ACT, THE NIGERIAN MINERALS AND MINING ACT, THE NIGERIA START-UP ACT, THE EXPORT (INCENTIVES AND MISCELLANEOUS PROVISIONS) ACT, THE CYBERCRIME (PROHIBITION, PREVENTION, ETC.) ACT; TO CONSOLIDATE THE LEGAL FRAMEWORKS RELATING TO TAXATION AND ENACT THE NIGERIA TAX ACT TO PROVIDE FOR TAXATION OF INCOME, TRANSACTIONS AND INSTRUMENTS; AND FOR RELATED MATTERS.
ENACTED by the National Assembly of the Federal Republic of Nigeria -
CHAPTER ONE – OBJECTIVE AND APPLICATION
1. The objective of this Act is to provide a unified fiscal legislation governing taxation in Nigeria.
2. This Act applies throughout Nigeria to any person required to comply with any provision of the tax laws whether personally or on behalf of another person.
CHAPTER 2 – TAXATION OF INCOME OF PERSONS
PART 1 – IMPOSITION OF TAX ON INCOME, PROFITS OR GAINS
3. 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 or family; and Commencement Objective Application Imposition of tax Income, profits or gains chargeable to tax
(c) income arising, accruing or due to a trustee, or an estate.
4.
(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 period of time such trade or business may have been carried on;
(b) royalties, fees, rents or interests arising from a right granted for the use, exploitation or occupation of any property;
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