A guide to the taxation of oil companies in nigeria (consolidated) - download as pdf file (pdf), text file (txt) or read online petroleum profit tax (ppt. Petroleum profit tax and economic growth in nigeria by 1) to know the impact of petroleum profit tax on the economic growth of nigeria. Nigeria tax guide 2013 pkf worldwide company tax all companies operating in nigeria outside the oil and gas sector of the economy are. Petroleum profits tax act an act to impose a tax upon profits from the winning of petroleum in nigeria, to provide for the assessment and collection thereof and for purposes connected. This study assessed the impact of tax reforms on revenue generation in lagos formed the basis of the tax system in nigeria to the petroleum profit tax.
The tax regime in nigeria petroleum profit tax-this is payable by any company in the business of upstream exploration or production of crude oil. Petroleum fiscal systems in nigeria • oil • petroleum profit tax act (ppt) 1959, and its amendments • memorandum of understanding (mou. Don't know much about company income tax in nigeria click here to learn all the basics and other important stuff about us petroleum profit tax (ppt. Petroleum profits tax act adjusted profit an act to impose a tax upon profits from the winning of petroleum in nigeria.
Petroleum income tax (pt) is a direct tax, levied annually (for each accounting period of 12 months duration) on net profit of a “petroleum taxpayer”, who is carrying out the business of petroleum exploration and production. Nigeria national petroleum petroleum profit tax matters are not arbitrable that the contractor will prepare petroleum profit tax. Taxation tutorial hello all, the with the enactment of the petroleum act, 1969, and nigeria becoming you are required to compute the petroleum profit tax. Revenue from the oil and gas sector: issues and country experience through production-based or profit-based • if the petroleum tax rate is above the.
Nigeria earned a total n8875 trillion from sale and exploration of petroleum resources from 2002 to 2006 this comprises revenue from crude exports and petroleum profit tax/royalties paid to the federal government by the oil companies. Petroleum profit tax companies in the oil and gas sector together with construction and consulting companies providing there is no branch profits tax in nigeria. Essays - largest database of quality sample essays and research papers on petroleum profit tax in nigeria.
The federal inland revenue service (firs) collects the petroleum profit tax on behalf of the federal government of nigeria. Education tax act chapter e4 laws of the federation of nigeria 2004 this act has been amended by education or petroleum profit tax for an accounting period of the. The tax system in nigeria includes personal income tax and company income tax are required to pay the nigerian government a special petroleum profit tax.
140 impact of petroleum profits tax on economic growth in nigeria: a longitudinal study taxation include micro effects on the distribution of income and efficiency in the. 0 categories: news tags: tags: latest issues on petroleum profit in nigeria, how are petroleum profit tax are change, newly introduced stamp duty charges in nigeria, nigeria's petroleum profit tax 2015, wwwnipostlatestnewscom, current issues on petroleum profit tax in nigeria, petroleum profit tax statistics, what is the latest.
According to firs there are nine(9) types of taxes in nigeria: companies income tax (cit) petroleum profit tax(ppt) value added tax (vat) petroleum profit tax. Oil was discovered in nigeria in 1956 at oloibiri in the niger delta after half a century of exploration the discovery was made by shell-bp, at the time the sole concessionaire. The new petroleum industry bill and taxation of petroleum products in nigeria the new petroleum industry bill and taxation of petroleum profit tax with.