Section 5: Amendment of section 14

Section 14 of the Principal Act is amended by -(a) inserting after subsection (4) a new subsection “(4A)” -
“(4A) Notwithstanding the provisions of any other section of this Act, where any company files tax returns under the provisions of subsection (3) of this section and does not provide a separate financial statement of the Nigerian operations, for the purpose of filing its tax returns, such company shall submit detailed gross revenue statements of its Nigerian operations, showing the amount of full sums earned during the period, certified by one of the company’s directors as well as their company’s external auditor and supported with all invoices issued to the relevant customers.”
(b) inserting after subsection (5), a new subsection (6) -
“(6) Regulatory agencies in the shipping and air transport and other relevant sectors shall mandate all companies taxable under the provisions of subsection (1) of this section to present the following -
(a) evidence of income tax filing for the preceding tax year; and
(b) Tax Clearance Certificates, showing income taxes paid for the three preceding tax years, in order to continue to carry on business in Nigeria or obtain any relevant approvals and permits.”