PETROLEUM PROFITS TAX ACT

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LAWS OF THE FEDERATION OF NIGERIA

PETROLEUM PROFITS TAX ACT

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ARRANGEMENT OF SECTIONS

PART I – Preliminary

1. Short title.
2. Interpretation.

PART II – Administration

3. Powers and duties of the Board.
4. Signification and execution of powers, duties, etc.
5. Official secrecy, etc.
6. Rules and forms.
7. Service and signature of notices.

PART III – Imposition of tax and ascertainment of charegeable profits

8. Charge of tax.
9. Ascertainment of profits, adjusted profit, assessable profits and chargeable profits.
10. Deductions.
11. Incentives for utilisation of associated gas.
12. Application of incentives to utilisation of non-associated gas.
13. Deductions not allowed.
14. Exclusion of certain profits, etc. 15. Artificial transactions, etc.
15. Assessable profits and losses.
16. Trade or business sold or transferred to a Nigerian Company.
17. Trade or business transferred under the Companies and Allied Matters Act.
18. Board may call for returns and information relating to certain assets, etc.
19. Chargeable profits and capital allowances.

PART IV – Ascertainment of assessable tax and of chargeable tax

21. Assessable tax.
22. Chargeable tax.
23. Additional chargeable tax payable in certain circumstances.

PART V – Persons chargeable

24. Partnerships, etc.
25. Companies not resident in Nigeria.
26. Manager of companies, etc., to be answerable.
27. Company wound up, etc.
28. Avoidance by transfer.
29. Indemnification of representative.

PART VI – Accounts and particulars

30. Preparation and delivery of accounts and particulars.
31. Board may call for further information.
32. Power to call for returns, books, etc.
33. Returns of estimated tax.
34. Extension of periods for making returns.

PART VII – Assessments

35. Board to make assessments.
36. Additional assessments.
37. Making of assessments, etc.
38. Notice of assessment, etc.
39. Errors and defects in assessment and notice.
40. Income tax computation.

PART VIII – Appeals

41. Appeals to Appeal Commissioners.
42. Appeals to Federal High Court against assessments.
43. Assessment to be final and conclusive.

PART IX – Collections, recovery and repayment of tax

44. Procedure in cases where objection or appeal is pending.
45. Time within which payment is to be made.
46. Penalty for non-payment of tax and enforcement of payment.
47. Collection of tax after determination of objection or appeal.
48. Suit for tax by the Board.
49. Relief in respect of error or mistake.
50. Repayment of tax.

PART X – Offences and penalties

51. Penalty for offences.
52. Penalty for making incorrect accounts, etc.
53. False statements and returns.
54. Penalty for failure to withhold tax.
55. Penalties for offences by authorised and unauthorised persons.
56. Deductions of tax at source.
57. Tax to be payable notwithstanding any proceedings for penalties.
58. Prosecution to be with the sanction of the Board.
59. Saving for criminal proceedings.

PART XI – Miscellaneous

60. Restrictions on effect of the Personal Income Tax Act and other Acts.
61. Double taxation arrangements with other territories.
62. Method of calculating relief to be allowed for double taxation.
63. Power to amend the First Schedule.

SCHEDULES

FIRST SCHEDULE – Powers or duties to be performed or exercised by the Board alone

SECOND SCHEDULE – Capital allowances

THIRD SCHEDULE – Time for payments

FOURTH SCHEDULE 

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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 therewith.

[1959 No. 15. 1991 No. 21. 1996 No. 30. 1996 No. 31. 1996 No. 32. 1998 No. 18. 1999 No. 30.]

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[1st January, 1958]               [Commencement. ]

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ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)