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ABSTRACT
The aim of this paper is to examine the
ownership, the legal framework as well as the basic components of the
petroleum profits which components are revenue, adjusted profits,
assessable profit, chargeable profit, assessable tax and chargeable
tax.In Nigeria, the petroleum industry is the bedrock of the economy and
is responsible for about 90 percent of her total revenue. Her other
sources of revenue include, inter alia, agriculture, solid minerals,
goods and services and most importantly taxes collected from various
sources including the petroleum industry. Companies and corporations in
Nigeria are taxed
principally under the Companies Income Tax Act. Cap 60, Laws of the
Federation of Nigeria, 1990.. While companies engaged in petroleum
operations are taxed specially under the Petroleum Profit Tax Act, as
amended (PPTA Cap.354, LFN, 1990). Because of the peculiar and
complicated nature of the oil industry, the Federal Board of Inland
Revenue (FBIR) is saddled with the onerous task of collecting taxes from
the various companies including those engaged in the oil business.This
project will examine the petroleum profit taxation system established
under the PPTA, with a view to assessing whether or not it is effective
in dealing with the myriad of problems associated with the financial
areas of the oil industry particularly the problem of tax evasion on the
part of some companies and deliberate fraudulent and incorrect
assessment of the tax due and payable on petroleum profits by
others.This paper also focuses on the assessment of the petroleum profit
tax under the Petroleum Profit Tax Act. Cap P13, Laws of Federation of
Nigeria 2004, as well as judicial authorities‟ regarding same. Nigeria‟s
economy is totally dependent on oil.It is no doubt that proceeds from
the sale of crude oil holds the mainstay of the Nigerian economy since
1970s.equally not in contention is the fact that oil explorations and
exploitation requires enormous amount of money and technological
know-how to execute.This paper also concludes that petroleum profit tax
is one of the most important components direct taxes in Nigeria that
affects the economic growth, therefore should be properly managed to
reduce the level of evasion by petroleum exploration companies in
Nigeria. The paper recommends among others that companies involved in
petroleum operations should be properly supervised by the relevant tax
authority (FIRS) to reduce the level of tax evasion, government should
show more accountability in the management of tax revenue and finally,
the level of corruption in Nigeria and that of government officials
should be drastically reduced to win the confidence of tax payers for
voluntary tax compliance. More so, government policy should create a
conducive-business environment that will attract foreign investors to
the country.
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