Petroleum Profits Tax Act in Nigeria: The Practice

13 Pages Posted: 16 Dec 2015

Date Written: August 10, 2015

Abstract

The principal legislation applicable to petroleum operation in Nigeria is the Petroleum Profits Tax Act (PPTA) which became operative on 1st January 1958. 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 industry. This was obvious, since almost all sectors of the government – political, economic, social, etc., in fact any agency that has anything to do with fiscal policy, scramble to make an input into how oil money is taxed and shared. The field is populated by a winding mass of legislations, (both principal and subsidiary); directives from government and numerous parastatals, and many contractual and quasi-contractual arrangements. The major finding is that our petroleum profits taxation system is a hopeless jumble, which requires an objective appraisal and therefore a reform that would ensure transparency and accountability in the interest of all stake holders.

Suggested Citation

Adeyemi, Babatunde Ajani, Petroleum Profits Tax Act in Nigeria: The Practice (August 10, 2015). Available at SSRN: https://ssrn.com/abstract=2703620 or http://dx.doi.org/10.2139/ssrn.2703620

Babatunde Ajani Adeyemi (Contact Author)

Babcock University ( email )

School of Law & Security Studies
Iperu Campus
Ilishan-Remo, Ogun State +234
Nigeria
+2348033160689 (Phone)

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