Section 70

(1) The assessable profits for each company or petroleum mining Assessable
lease for any accounting period shall be the amount of the adjusted profit of profits and
losses
that period after the deduction of the amount of any loss incurred by that
company during any previous accounting period.
(2) The assessable profit shall be determined separately for each of the
two classes of chargeable tax identified in section 72 (a) and (b) of this Act.
(3) The loss referred to in subsection (1) shall be deducted to the extent
possible from the amount of the adjusted profits of the accounting period
immediately succeeding the accounting period in which the loss was incurred,
and in subsequent accounting periods, until the loss is fully recouped.
(4) Within five months after the end of any accounting period of a company,
or within such further time as the Service may permit in writing, the company
may elect in writing that a deduction or any part to be made under this section
shall be deferred to and be made in the succeeding accounting period, and may
so elect in any succeeding accounting period.
A 436 2025 No. 7 Nigeria Tax Act, 2025