Section 9: Amendment of the Second Schedule

The Second Schedule to the Principal Act is amended -(a) (a) in paragraph 18 by deleting subparagraphs (3) and (7); and
(b) in paragraph 24 by substituting for subparagraph (7), a new subparagraph “(7)”-
“(7) In giving effect to the provisions of sub paragraph (2) of this paragraph, the amount of capital allowances to be deducted from assessable profits in any year of assessment shall not exceed sixty six and two thirds of a percent of such assessable profit of a company, but any company engaged in upstream and midstream gas operations as described in the Petroleum Industry Act, No. 6, 2021 or the Petroleum Profit Tax Act, Cap. P13, Laws of the Federation of Nigeria or the agro-allied industry or which is engaged in the trade or business of manufacturing shall not be affected by the restriction under this subparagraph:
Provided that the value of any asset on which capital allowance is to be claimed under this Second Schedule shall be reduced by the amount of any investment allowance claimable by such company.”