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6 December 1966

Nigeria Government Gazette supplement dated 1966-12-06 number 110 part A

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  Supplement to Official Gazette Ex{saordinary
                                             No. 110, Vol.$3, 6th Decem-
                                                                           _ber 1966—Part A

                 INCOME TAX (AMENDMENT) DECREE.£966

                                   - ARRANGEMENT OF SECTIONS

Sections                                                Amendments of the Income Tax
                          *                                   (Rents) Act 1965
    Amendments of Certain Principal
                                                     16, Limitation ofrelief to’ £25,000.
           Income Tax Provisions
                                                     17, Time for making election and
  1. Income chargeable.                                    disqualification, etc.
                                                     18. Balancing charges.
   . Dividends paid out of any profits
       and definition of “dividend”.                      Miscellaneous Amendments
                                                     19. Priority of P.A.Y.E. deductions.
   . Interest deemed to be derived
        from Nigeria.                                20. Certain exemption in respect of
                                                          profits of petroleum companies.
   . Ascertainment of income from                   21. ‘Taxation of income of a deceased
       settlement; etc.                                    individual.
   . Restrictions    as           to   deductions    22. Revocation      of double   taxation
       allowable.                                           arrangement in respect of
     Information to be delivered by
       bankers.                                      23. Minor amendments.
                                                     24. Definition of certain income tax
  7. Venue of offences.
   . Incometax returns, etc.                         25. Citation and extent.
                                                     26. Commencementetc.
     Deduction of tax from interest,
       etc.                        a
                                                    Scuepute 1
 10. Power to distrain for non-payment
       of tax.                                          Provisions for Valuation ofBenefits,
~ 411. Certain benefits deemed to be
       income.                                           Settigments Trusts-‘and Estates.
 12. Application of capital allowances
                                                         Capital Allowances.
       to assets acquired under hire-
       purchase agreement,etc.                      SCHEDULE 4
 13. New rates ofcapital allowances.                    Table 1—Income Rate.
                                                        Table 2—Income Tax.
 14. Valuation ofassets.
                                                    SCHEDULE 5
 15. Incomerate.                                         Minor Amendments,
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