development of taxation system for oil production companies in Lagos

The incentives include tax credits to promote non-associated gas greenfield development, investment allowances to support gas utilization companies operating in the midstream oil and

For Oil Exploration, Development & Production Reduced Tax Rates for Upstream companies to a marginal rate of 60% for converted contracts, 45% for new entrants and marginal fields.

The new tax laws signed by the president will have major effects on the country’s oil and gas sector. From tax credits to significant export exemptions, the laws represent a complete overhaul of the previous business

This is a significant reduction in the cost of doing business for oil and gas companies operating in the offshore sector. New tax incentives: The PIA introduces a number of new tax incentives for oil and gas companies, such as

The Act, among other things, introduces changes to the taxation of the industry including the imposition of both the hydrocarbon tax and the companies income tax on the upstream segment.

Introduction The Nigerian Oil and Gas Update provides information on current developments on regulatory, accounting and tax matters affecting the industry. We hope that you find the

By the provisions of the Finance Act, shareholder dividends derived from the sale of crude oil will now be liable to withholding tax of up to ten per cent. By the introduction, Nigeria joins oil

The PPTA85 is the tax legislation governing the taxation of companies engaged in “petroleum operations” in Nigeria. Section 2 of the PPTA defines petroleum operations as: “the winning or obtaining and transportation of petroleum or

By aligning with global best practices, these reforms are expected to attract foreign investments, boost local production, and ensure a stable fiscal environment. In this article, we highlight some of the key tax reforms and their

The challenges to revenue mobilisation by subnational governments in Nigeria include the low capacity of the tax administration authority, the dominant size of the hard- to -tax informal sector, the dominance of the

Similarly, the second section of chapter two provides an overview of corporate taxation in Nigeria’s oil and gas industry by describing the taxation of petroleum profits, the companies’ income tax, royalty structure and other applicable taxes as well as Nigeria’s oil and gas tax administration and the imminent reforms in Nigeria’s

Corporate taxation plays no less significant roles in development of economies globally. Corporate taxation is a viable source of government revenue and an armoury for management of the economy

Afolasade Coker, director, informal sector, Lagos state inland revenue service (LIRS), said at the event that tax authorities use presumptive tax to address unreliable returns, financial statements, tax evasion and

Taxation is undoubtedly a veritable instrument for national development. Apart from being a major source of revenue for government to provide goods and services needed by the people, tax policies, can and do stimulate economic growth and job creation through its impact on investment and capital formation in the economy.

Introduction Interesting times are ahead for the Nigerian fiscal landscape. With exchange rates now fairly stable at around US$1/NGN1500 and oil production levels stabilising around 1.6 million barrels of oil per day (bpd) (achieving 98.97% of Nigeria's OPEC quota of 1.5 million bpd), Nigeria may well be on its way to economic recovery and tax revenue plays a

(new system of taxation) in the Nigerian oil and gas sector was introduced. T he objectives of petroleum taxation

Under the Nigerian constitution, petroleum is considered a national asset and the ownership is vested in the Federal Government to manage

According to analysts, with this discovery, Lagos is set to generate more than N30 billion worth of internal revenue every month. The state is set to face certain implications, which come along with the

The belief that Nigeria must work has long fueled our collective hope. So when news broke that the Senate had passed all four tax reform bills, it felt like one of those rare moments that made you pause and wonder, “Is this really happening?” For years, the tax system has been a point of national frustration—something many had come to accept as broken. But

PDF This article examines the key provisions of Nigerian Tax Laws as well as the imperatives of taxation to the country's development. It also Find, read and cite all the research you need