Tax Relief for Business Losses of Individuals and Companies in Nigeria – A Comparative Analysis

This article discusses the tax laws of Nigeria relating to the treatment of business losses. The article examines the provisions of the Personal Income Tax Act and the Companies Income Tax Act and analyses the differences in the provisions applicable to individuals and companies. In respect of companies, the discussion also considers the application of loss relief to companies that are subject to the minimum tax, companies that are granted pioneer status and companies engaged in petroleum operations in Nigeria.