Section 22

(1) Except as provided in this section, the profits of any trade, business, Basis for
profession or vocation for each year of assessment (the assessable profits) computing
shall be the profits of the accounting period immediately preceding the year of assessable
profits for
assessment from all sources.
trade or
(2) Notwithstanding the provisions of subsection (1), the assessable profits business
of the first year of assessment for a new business, shall be the profits from the
date in which such trade, business, profession or vocation commences in Nigeria
to the end of the first accounting period.