Petroleum Profit Tax (PPT)
PETROLEUM PROFIT TAX (PPT)
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.
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