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Monday, August 3, 2020 | History

4 edition of Petroleum profits tax in Nigeria found in the catalog.

Petroleum profits tax in Nigeria

Tunde Oremade

Petroleum profits tax in Nigeria

by Tunde Oremade

  • 70 Want to read
  • 27 Currently reading

Published by Evans Bros. (Nigeria Publishers) Ltd. in Ibadan, Nigeria .
Written in English

    Places:
  • Nigeria.
    • Subjects:
    • Petroleum -- Taxation -- Nigeria.,
    • Petroleum -- Taxation -- Law and legislation -- Nigeria.

    • Edition Notes

      StatementTunde Oremade.
      Classifications
      LC ClassificationsHD9560.8.N62 O74 1986
      The Physical Object
      Paginationix, 208 p. ;
      Number of Pages208
      ID Numbers
      Open LibraryOL2239018M
      ISBN 109781674636
      LC Control Number89109970
      OCLC/WorldCa18042505

        Petroleum Profit Tax of It was the principal Act, which has been amended by the following legislation: 1-Income Tax (Amendment) Act no of 2-Petroleum Profit Tax (Amendment) Act no.1 of 3-Oil Terminal Dues Act no.9 of 4-Petroleum Profit Tax (Amendment) Act no. 15 of 5-Petroleum Profit Tax (Amendment) Act no of. Petroleum Profits Tax – imposed on the profits of all corporate entities registered in Nigeria or who derive income from oil and gas operations in Nigeria between 50% and 85%;.

      Home» News» Administration of current taxes in Nigeria. Administration of current taxes in Nigeria. On Octo am In News by akintayo eribake. Petroleum Profit Tax (PPT). Oil Revenue and Output Growth in Nigeria. oil and non-oil tax revenue to economic expansion in Nigeria using data that cover a period from to The Petroleum Industry in Nigeria.

      Yes, general anti-avoidance rules (GAAR) in tax legislations in Nigeria are contained specifically in Section 17 of the Personal Income Tax Act (), Section 22 of the Companies Income Tax Act () and Section 15 of the Petroleum Profits Tax Act (). Section 55 (3) a & b of CITA LFN (as amended) is N25, in the first month of failure and N5, for each subsequent month. 5. Petroleum Profits Tax (PPT): This is peculiar to.


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Petroleum profits tax in Nigeria by Tunde Oremade Download PDF EPUB FB2

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 Size: KB.

Petroleum profits tax in Nigeria by Tunde Oremade,Evans Bros. (Nigeria Publishers) Ltd. edition, in EnglishPages: Try the new Google Books. Check out the new look and enjoy easier access to your favorite features. Try it now. Petroleum Profits Tax in Nigeria.

Tunde Oremade. Evans Bros. (Nigeria Publishers) Limited, Petroleum Profits Tax Computations. Accounts and Returns Assessments Appeals. Offences and Penalties. 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.

companies (IOCs), the principal legislation governing petroleum operations in Nigeria is the Petroleum Profit Tax Act (PPTA) of Its main fiscal instrument is the Petroleum Profit Tax (PPT). The PPT Act provides for the imposition of Petroleum Profits Tax on the chargeable profits of companies involved in the upstream activities of exploration,File Size: KB.

PETROLEUM PROFIT TAX AND ECONOMIC GROWTH IN NIGERIA. Bank charges and commission to the Central Bank of Nigeria (CBN) regarding petroleum profits tax, royalties, leases and rentals, which are paid in Nigerian currency or the currency in which the computation giving rise to the assessment was made and credited to CBN account domiciled in England and New York.

8File Size: 86KB. profit to the companies after the deduction of all taxes, levies and royalties. Before examining this, it is important to briefly outline other legislations and regulations that impose, or regulate the imposition of taxes and quasi-taxes on petroleum profits taxation in Nigeria.

OTHER LAWS AND REGULATIONS AFFECTING PETROLEUM PROFITSAuthor: Babatunde Ajani Adeyemi. Petroleum profit tax is a major source of the income being generated by the Federal Government of Nigeria.

The industry remains the largest and most important industry in Nigerian economy. In view of the high rate of taxing the petroleum operatives, tax allowances are given to File Size: KB. The principal legislation applicable to petroleum operation in Nigeria is the Petroleum Profits Tax Act (PPTA) which became operative on 1st January This paper examined this Act, which is in fact one the many tax heads, under which different arms of the government levy charges to the petroleum : Babatunde Ajani Adeyemi.

Petroleum Profit Tax (PPT): The Petroleum Profit Tax is subject to any resident company or person in charge of a non-resident company who are exploring for petroleum or producing it in Nigeria.

Value Added Tax (VAT): Any person or individual, corporate sole, organizations who consumes or buys any taxable product or service will have to pay a tax levy known as Value Added Tax (VAT) in Nigeria. PETROLEUM PROFITS TAX (PPT) PPT is levied on the income of companies engaged in upstream petroleum operation.

The rate is 85% for Joint Ventures and 50% for Production Sharing Contracts (PSC). EDUCATION TAX (ET) ET is levied on all Nigeria companies’ assessable profits. The rate of tax is 2% of Assessable Size: 1MB.

PETROLEUM PROFIT TAX. From the discovery of oil in commercial quantities in Oloibiri Rivers State, to the increase in oil exploration companies in Nigeria. The PPTOrdinance of was introduced. It has undergone several amendments. The major revenue earner of the government.

Because of the peculiarities and the high finance potential, it is administered [ ]. •The Petroleum Profit Tax (PPT) is chargeable upon the profit of any company engaged in petroleum operations in Nigeria. •Petroleum operation is defined as operations involving petroleum exploration, development, production and sale of crude oil.

•The trading result from the petroleum operations would be subject to petroleum profits tax 3. Petroleum profit 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: 50% for petroleum operations under production sharing contracts (PSC) with the Nigerian National Petroleum Corporation (NNPC).

Taxation of Petroleum Profits in Nigeria By Gloria Iroegunam This is a brief but concise overview of how petroleum profits are taxed in Nigeria as provided by the enabling law: the PETROLEUM PROFITS TAX ACT (PPTA) CAP P13 LFN and all references to the Act herein, shall be regarded accordingly.

PROFITS (S.9 [1])File Size: 25KB. Taxation of Petroleum Profit under the Nigeria’s Petroleum Profit Tax Act Lawal, K. 1 ABSTRACT The aim of this paper is to examine the ownership, the legal framework as well as the basic components of the petroleum profits, which components are revenue, adjusted profits, assessable profit, chargeable profit, assessable tax and chargeable Size: 52KB.

Nigerian Tax Journal | 1. Nigerian Tax Journal February PPTA Petroleum Profits Tax Act: T: TAT: Tax Appeal Tribunal TET: Tertiary Education Tax TP: behind on tax law reform in Nigeria as the last time any business tax legislation was enacted orFile Size: 2MB.

The tax is governed by the Petroleum Profits Tax Act, Cap P13 LFN (as amended) Companies liable to PPT are not liable to Companies Income Tax(CIT) on the same income Rates of the Tax For Joint Venture and Sole Risk Companies in their first five years of operation, the rate of tax is % of chargeable profit For Joint Venture and Sole.

Tax Administration in Nigeria 6. Tax Administration in Liberia 6. Tax Law 6. Taxes in Republic of Liberia 7. Persons Regulated by Tax File Size: 1MB. Role of Petroleum Profit Tax in the Economic Growth of Nigeria.Get Textbooks on Google Play.

Rent and save from the world's largest eBookstore. Read, highlight, and take notes, across web, tablet, and phone.Foreign companies not resident in Nigeria, but with a fixed base in Nigeria are only required to pay company income tax on their incomes derived from Nigeria. For small companies in the manufacturing and export sector, the taxable profit imposed is 20%, if they have a turnover of below N1,(One Million Naira) and are still within 5.