The Tax Appeal Tribunal (TAT) on 20 March 2015 held that the Federal Inland Revenue Service (FIRS) should consider tax computations prepared by parties to a Production Sharing Contract (PSC) in assessing PSC parties to Petroleum Profits Tax (PPT). This is a major shift from the past practice where the Nigerian National Petroleum Corporation (NNPC) solely determines tax payable by PSC parties and lifts tax oil based on its own tax computations.
See our tax alert below and a copy of the judgment for details.
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