Petroleum Profit Tax (PPT)

Introduction

Scope/Companies covered

This is applicable to all entities operating in the oil & gas upstream sector.

Rate of Tax

The rate is 85% for Joint Ventures of Taxable profits and 50 % for Production Sharing Contracts.

Enabling laws

Petroleum Profits Tax Act, Cap P13 LFN 2004 as amended to date.

Recent Amendments –

Income and dividend received from Companies in the upstream will now be subject to relevant taxes as provided in other enabling tax laws.

Filing obligations

Payable on actual year basis in 12 equal monthly instalments of which the first instalment is due by the end of March.

Tax returns are filed on/before 31 May of every year.

Associated Penalties
Non-filing of returns

The Failure to file is N 10,000 for the initial default then N 2,000 for the following which the default continues.

SIAO PETROLEUM PROFIT TAX CALCULATOR

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