18 Jan

TAX 2.9A PETROLEUM PROFIT TAX (1)

PETROLEUM PROFIT TAX. From the discovery of oil in commercial quantities in Oloibiri Rivers State, to the increase in oil exploration companies in Nigeria. The PPTOrdinance of 1959 was introduced. It has undergone several amendments. The major revenue earner of the government. Because of the peculiarities and the high finance potential, it is administered separately.The […]

18 Jan

TAX 2.9B PETROLEUM PROFIT TAX II

PETROLEUM PROFIT TAX B DIFFERENCES AND SIMILARITY BETWEEN TAXATION UNDER PPT AND TAXATION UNDER CITA. Similarity: both charged on the profit of corporate entities. Their provisions relating to objections, appeals, offences and penalties are substantially similar to that of the CITA. Differences: The taxable companies: under the CITA, companies in general are subject. However, Section […]