23 June 2016 Nigerian TAT rules all expenses wholly incurred for petroleum operations should be deductible The Lagos Division of the Nigerian Tax Appeal Tribunal (TAT) recently ruled in favor of Chevron Nigeria Limited (the Company or Chevron) in an appeal brought before it by the Company against Nigeria's Federal Inland Revenue Service (FIRS). The FIRS had assessed Chevron to additional petroleum profit and education tax liabilities of US $82,703,000 and US $1,945,953, respectively for the 2010/2011 years of assessment by disallowing intangible drilling costs. In addition, the FIRS also rejected the capital allowance and petroleum investment allowance on tangible cost claims incurred by the Company on behalf of the Nigerian National Petroleum Corporation under a joint venture agreement. Document ID: 2016-1099 |
