Nigeria: Tax Appeal Tribunal says withholding tax is due on dividends from gas profits – January 2015

ATL-Editor 19 January 2015

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Tax Appeal Tribunal says withholding tax is due on dividends from gas profits
January 2015

In brief

The Tax Appeal Tribunal (TAT) has ruled in favour of the Nigerian tax authorityTax authorities are fundamental institutions within government frameworks, overseeing tax assessment, collection, and administration. Their operations ensure that tax laws are enforced and public funds are collected efficiently. This article delves into tax authorities' purpose, responsibilities, and structure, offering insights into their essential role in supporting government functions and economic stability. What is a Tax Authority? A tax authority is... to levy withholding tax
on dividends paid out of gas profits by an upstream petroleum company.
The judgement takes a simple view of a rather complex provision of Sections 60 and 11 (2) of the
Petroleum Profits Tax Act (PPTA) and Sections 80 and 9(1) (c) of the Companies Income TaxIncome Tax is a direct levy imposed by governments on the income generated by individuals, corporations, and other entities within a specific jurisdiction. It serves as a major source of revenue for governments and funds various public expenditures, such as infrastructure projects, healthcare, education, national security, and welfare programs. The tax is generally calculated as a percentage of the taxable... Act (CITA).
A more in-depth analysis will be required in the future to conclusively resolve the issue.

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Categories: Africa, FP News, Nigeria, West Africa

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