The Tax Appeal Tribunal (TAT) on 18 November 2015 held that the Federal Inland Revenue Service should accept tax computations prepared by the Contractor of a Production Sharing Contracts (PSCs) in assessing PSC parties to Petroleum Profits Tax.
It is interesting that this issue is still in dispute given that the TAT arrived at the same decision only a few months earlier on another case with almost identical facts.
See our alert below and a copy of the judgment;
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