Transcription of C OM PAN IES IN CO M E TAX ACT - 2004 Laws of Nigeria
1 COMPANIES INCOME TAX ACT ARRANGEMENT OF SECTIONS PART I [Repealed] PART 11 Imposition of tax and profits chargeable SECTION 9.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.
2 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. donations. 25A. 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.
3 30. Board's power to assess and charge on turn over of trade or business. C21 1 Companies Income Tax Act PART V Ascertainment of total profits SECTION 3 1. 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.. PART VI Incentives to gas industry 39. Gas utilisation (downstream operations).
4 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.. 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.
5 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. [Issue 3) Companies Income Tax Act SECTION 58. Board may call for further returns. 59. Extension of period of making returns. 60. Call for returns, books, documents and information.]
6 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. Board 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 76. Assessments to be final and conclusive. PART XII Collection, recovery and repayment of tax 77.
7 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 Board and refusal of clearance where tax is in default.
8 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.. 94. False statements and returns. 95. Penalties for offences by authorised and unauthorised persons. 96. Tax to be payable notwithstanding proceedings for penalties. 97. Prosecution to be with the sanction of the Board. 98. Savings for criminal proceedings. 99. Place of an offence. PART XIV Miscellaneous 100.
9 Power to alter rate of tax, etc. 101. Tax clearance certificate. 102. Conduct of proceedings. 103. Power to pay reward. 104. Repeals, transitional provisions, etc. 105. Interpretation. 106. Short title and application. COMPANIES INCOME TAX ACT An Act to consolidate the provisions of the Companies Income Tax Act 1961 and to make other provisions relating thereto. [1979 No. 28, 2007 No. 56] [1st April, 1977] [Commencement.] PART I (Repealed by 2007 No. 56, s. 2(1).) PART II Imposition of tax and profits chargeable 9.
10 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 in respect of (a) any trade or business for whatever period of time such trade or business may have been carried on; (b) rent or any premium arising from a right granted to any other person for the use or occupation of any property.
