Review of Petroleum Profits Tax | KPMG | NG

Review of Petroleum Profits Tax

Training: Review of Petroleum Profits Tax

21 March 2018 - 22 March 2018, 8:30AM - 5:30PM, WAT Lagos, Nigeria

The petroleum industry in Nigeria is the country’s largest industry and main contributor to government revenue, through crude oil export. In most developed economies, taxation is a major means of generating internal revenue. This form of revenue generation is recommended for growth in any economy as it creates additional pool of funds for the government, to make available social amenities and infrastructures.

The petroleum industry is broadly divided into three (3) main sectors: Upstream, Midstream & Downstream and Oil servicing. Across these three sectors, we have major participation from the International Oil Companies (IOC), although there are a few indigenous companies operating in the industry also.

For companies involved in petroleum operations (as defined by the Petroleum Profits Tax Act) in Nigeria, their profits are assessed to tax under the Petroleum Profits Tax (PPT) regime. There are complexities attached to the administration and assessment of tax under this regime, due to various operating arrangements existing in the industry and other issues such as royalties, rent, farm-outs, carry arrangements, sale of license etc. This training programme is aimed at addressing these issues amongst others.

Below is a highlight of the key concepts to be treated:

• The legal bases and key provisions/compliance requirements of PPT

• The various operating arrangements in the oil andgas industry

• Computation of PPT and capital allowances

• Deferred tax computation

• Transfers, special transactions and stay awake issues

Fee Timings
N150,000 per participant, exclusive of VAT.5% discount for 3 to 4 participants and 10%discount for 5 participants and above

Duration: 2 days

Date: 21 - 22 March 2018

Time: 8:30am - 5:30pm

Venue Location Who Should Attend
KPMG Tower, Bishop Aboyade Cole Street, Victoria Island,Lagos, Nigeria. Tax controllers and managers, Finance controllers and managers, Legal officers and managers and related functions with responsibility for tax and/or regulatory compliance and administration.

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