Overview

The document is the Petroleum Profits Tax Act, Cap. 354 LFN, 1990, which is a Nigerian law imposing a tax on profits from petroleum operations. It consists of 63 sections organized into 11 parts, covering preliminary matters, administration, imposition of tax, ascertainment of chargeable profits, assessable tax and chargeable tax, persons chargeable, accounts and particulars, assessments, appeals, collection and recovery of tax, offences and penalties, and miscellaneous provisions. Key aspects include defining petroleum operations, setting the tax rate (85% for the first five years of operation, 65.75% thereafter - as per subsequent amendments), allowing deductions for capital allowances and associated gas utilization, and providing for double taxation relief. The Act establishes the Federal Inland Revenue Service (Board) as the administering authority, with powers to make assessments, collect tax, and impose penalties for non-compliance.

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