“…when dealing with tax matters, the first port of call should always be the tax laws…”
In May 2016, the Tax Appeal Tribunal (TAT) sitting in Lagos ruled that parties in Production Sharing Contracts (PSCs) with the Nigerian National Petroleum Corporation (NNPC), can take tax deduction for sole costs, where the deduction of such expenses are permissible under the Petroleum Profits Tax Act (PPTA), regardless of the provisions of any contractual agreement.
Read our one-pager tax alert for details.
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