Petroleum Profits Tax Act

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. A voidance 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.