Section 24

(1) Where a trade, business, profession or vocation permanently Cessation of
ceases to carry on operations in Nigeria in an accounting period, the assessable trade or
business
profits for the relevant year of assessment shall be the amount of the profits
from the beginning of the accounting period to the date of cessation and the
tax shall be payable within six months from the date of cessation.
(2) Where, after the date of cessation, the trade, business, profession or
vocation, or its receivers or liquidators, receive or pay any sum which ought to
have been included in or deducted from the profits of that trade or business if
it had been received or paid prior to that date, such sum shall be deemed for
the purposes of this Act to have been received or paid by the trade, business,
profession or vocation on the last day before such cessation occurred and
such sums shall be disclosed to the relevant tax authority within one month of
the receipt or payment.
(3) Where the provisions of subsection (2) apply, any additional assess-
ment or claim for reduction of assessment or repayment of tax shall be made
as may be necessary to give effect to the provisions, provided that the provi-
sions of the Nigeria Tax Administration Act, 2025, relating to objections and
appeals shall apply to the additional assessment or claim of reduction of as-
sessment or repayment of tax under this subsection.
(4) In the case of a deceased individual, where the personal representa-
tive after death, receives or pays any sum which would have been included in
A 412 2025 No. 7 Nigeria Tax Act, 2025
or deducted from the gains or profits from the trade, business, profession or
vocation carried on prior to death, that sum shall be deemed for all purposes of
this Act to have been received or paid by the deceased, on the last day prior to
the death.