(1)
Where two or more companies carry out a trade or business in a partnership, joint venture or a similar arrangement in Nigeria, any income or profit arising therefrom shall constitute a source of profits and each company's share shall be taxed separately.
(2)
Where any of the companies in the partnership is a non-resident, its share of income or profit from the partnership is chargeable to tax under this Act.
(3)
In the case of partnership carried on in a country other than Nigeria, the partner that is taxable in Nigeria shall include its share of revenue and cost, or profits in its assessable profits for the relevant year of assessment, and shall supply to the tax authority, particulars of the determination of the revenue and cost, or profit, with necessary adjustments made in accordance with the relevant provisions of Chapter Two of this Act.
(4)
The provisions of this section shall not apply to any partnership engaged in petroleum operations under Chapter Three of this Act.