Scope/Companies covered

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

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

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

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

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.

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

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SIAO is an independent Nigerian professional services firm, providing Audit & Assurance, Accounting, Tax, International Financial Reporting Standards Advisory, Human Resource, and Financial Advisory Services.

1st Floor, Bank of Industry Building Tower 1,
Central Business District Area, Abuja.

Tel: 02092912463,
Tel: 02092912462

18b Olu Holloway Road,
(Former Temple Road),
Off Kingsway Road,
Ikoyi,
Lagos.

Email: enquiries@siao-ng.com
Tel: +2347015180258