VIDEO: Breaking Down Nigeria’s Companies Income Tax Act Section 14

In this video, we provide a comprehensive breakdown and analysis of section 14 which focuses on companies engaged in shipping or air transport.

We uncover the intricacies of taxation for international transportation companies operating within Nigeria’s jurisdiction. Section 14 of the Companies Income Tax Act outlines the tax rules and provisions applicable to non-Nigerian companies involved in shipping or air transport.

It stipulates that if a company, not based in Nigeria, operates ships or aircraft and makes a stop at a Nigerian port or airport, the profits or losses derived from the transportation activities conducted within Nigeria are subject to taxation.

VIDEO: 8 Principles Guiding the Interpretation of Tax Statutes

Throughout this video, we provide a detailed interpretation and analysis of each subsection of Section 14, breaking down the legal language into plain language for easier understanding. From the conditions under which profits or losses are attributed to Nigeria to the formulas used for calculation, we leave no stone unturned in our exploration of this crucial aspect of Nigerian tax law.

We delve into the interpretation, analysis, and implications of subsections (3) to (6) of Section 14. And we present real-world case studies that illustrate how Section 14 is applied in practice.

Furthermore, we discuss the benefits of compliance with Section 14 of the Companies Income Tax Act. By ensuring fairness and transparency in taxation, these regulations foster a healthy business environment and contribute to Nigeria’s fiscal stability and economic growth.

Whether you’re a tax professional, business owner, or simply interested in understanding Nigerian tax law, this video is for you.

See Video

Breaking Down Nigeria’s Companies Income Tax Act Section 14