Laws of the federation of nigeria - capital gains tax act law n igeriacom personal income tax act, the third schedule to the companies income tax act or the petroleum profits tax act assets situated outside. Nigeria energy and natural resources the law crest 21 feb 2014 nigeria: highlights of nigeria hydrocarbon tax and allowances under the petroleum industry bill last updated: 21 february 2014 the pib intends to repeal the provisions of the petroleum profits tax act. 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. Kamoru taiwo lawal taxation of petroleum profit under the nigeria's petroleum profit tax act international journal of advanced legal studies and governance vol vol 4 iss 2 (2013. However, one major source of petroleum revenue in nigeria is petroleum profit tax according to odusola (2006), petroleum profit tax (ppt) is a tax applicable to upstream operations in the oil industry it is particularly related to rents.
The petroleum profit tax structure, in nigeria, has been characterized with tax evasion, tax avoidance, corruption and poor tax administration filled with loopholes hence, this research work is set out to provide answers and possible solutions to the problems already identified. Detailed description of taxes on corporate income in nigeria petroleum profits tax (ppt) ppt is a tax on the income of companies engaged in upstream petroleum operations in lieu of cit the ppt rates vary as follows. Conclude that tax revenue can be an instrument of economic development in nigeria development of any tax policy income tax amendment act 2007, the petroleum profit tax amendment act 2004 others are the capital gains tax. Tax system in nigeria: issues and challenges on march 24 in nigeria, an improvement in our tax revenue can be enhanced through a regularly updated, comprehensive database petroleum profit tax (4) value-added tax (vat. Nigeria's tax framework and its implications for businesses nigeria tax nigeria has two major corporate income taxes: the companies income tax (cit) and the petroleum profits tax (ppt) this is important in view of the relatively low level of tax compliance in nigeria. Find the latest nigeria and world news and analysis, headlines, blogs, pictures and videos about petroleum profit tax from todayng.
Companies are mandated by law to pay company income tax (cit) in nigeria based on the profit petroleum profit tax (ppt) ppt is a tax on the income of companies engaged in upstream petroleum operations in lieu of cit. Tax types in nigeria by firs - federal inland revenue service home about us every company engaged in petroleum operations prepares and submits annual returns as specified by the petroleum profits tax act within five months of the end of each assessment year. Nigeria: deepwater psc incentive turns on its head section: in the news december 20 nigeria's total production of crude oil fell by 100million barrels between 2006 and 2008 and increased by the same volume prescribed by the petroleum profit tax act operable in the joint venture. Petroleum profits tax and transportation of petroleum or chargeable oil in nigeria by or on behalf of a company for its own account by any drilling, mining, extracting or other like operations or process, not including refining at a refinery (oil.
Petroleum profit tax is a major source of revenue for the federal government of nigeria to meet its statutory obligations of ensuring the economic development of nigeria it assists the government to achieve the country's macroeconomic objective in the areas of fiscal and monetary policies. The new petroleum industry bill and taxation of petroleum products in nigeria the proshare ecosystem download proshare app subscribe the proshare ecosystem subscribe (pib), the prevailing law governing taxation of petroleum products are the petroleum profits tax act (ppta. Sixteen nigerian owned companies, all of them hydrocarbon producers, defaulted on payment of the petroleum profit tax (ppt) to the country's coffers in the year 2015, according to the latest audit report of the nigerian extractive industry transparency initiative (neiti) those that were reported. Laws of the federation of nigeria 2004 this act has been amended by education tax (amendment) decree no 40 or petroleum profit tax for an accounting period of the company, also proceed to assess the company for the tax due under this decree.
Nigeria's petroleum profits tax act: an assessment victoria e kalu (mrs), llm (benin) bl lecturer in law faculty of law, university of benin. By far the most important direct tax is the petroleum profits tax the rate on taxable profits of petroleum companies since 1975 has been 85%, but a guaranteed profit of $230 per barrel was established in 1986. Petroleum profit tax and economic growth in nigeria ilaboya, o j (phd, fca, acti) petroleum profits tax and economic growth in nigeria in several ways first, we provided a comprehensive model which captured the tax variables and other explanatory variables that.