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Nigeria Tax Act 2025 · Chapter 2 · Part VIII

Section 53Motor vehicles

(1)
A motor vehicle used solely for private or non-profit purposes shall not be an asset for the purposes of this Part.
(2)
The exemption under this section shall be limited to not more than two motor vehicles by an individual in any year of assessment.
Cite as: Nigeria Tax Act 2025, section 53

Source: Nigeria Tax Act, 2025 (Act No. 7 of 2025), Official Gazette No. 117, Lagos, 26 June 2025. General information, not legal advice.