The finance act also stipulates that the deduction of capital losses on assets for capital gains tax purposes, may be carried forward for a maximum of five years.
oil companies to give necessary documentation of business transactions for tax filing, and failure to do so would attract a fine.According to the act, every company engaged in petroleum operations shall, “for each accounting period of the company, make up accounts of its profits or losses and prepare the major particulars to determine petroleum profits tax”.
It noted that any portion of the deferred annuity that is withdrawn before the end of five years from the date the premium was paid, shall be subject to tax at the point of withdrawal.The finance act also imposed a 0.5 percent levy on goods imported into Nigeria from outside Africa.
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