Petroleum Law – NBC Institute

AT – May 2018 – L3 – SB – Q2a – Taxation of Specialized Businesses

Differentiate between “disposal” and “disposed of,” and discuss intangible drilling costs and oil mining leases.

Question

“Disposal” or “disposed of” are terminologies used frequently in relation to chargeable oil owned by an oil-producing company under the provisions of the Petroleum Profits Tax Act Cap P.13 LFN 2004.

Required:

(i) Differentiate between “disposal” and “disposed of”. (2 Marks)

(ii) Discuss the following:

Intangible drilling costs. (2 Marks)
Oil mining lease. (1 Mark)

Answer

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Tags: Chargeable Oil, Disposal, Intangible Drilling Costs, Oil Mining Lease, Petroleum Law, Petroleum Profits Tax
Level: Level 3

Topic: Taxation of Specialized Businesses
Series: MAY 2018

Question Tag: Petroleum Law

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AT – May 2018 – L3 – SB – Q2a – Taxation of Specialized Businesses

Differentiate between “disposal” and “disposed of,” and discuss intangible drilling costs and oil mining leases.

AT – May 2018 – L3 – SB – Q2a – Taxation of Specialized Businesses

Differentiate between “disposal” and “disposed of,” and discuss intangible drilling costs and oil mining leases.

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Question Tag: Petroleum Law

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AT – May 2018 – L3 – SB – Q2a – Taxation of Specialized Businesses

Differentiate between “disposal” and “disposed of,” and discuss intangible drilling costs and oil mining leases.

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AT – May 2018 – L3 – SB – Q2a – Taxation of Specialized Businesses

Differentiate between “disposal” and “disposed of,” and discuss intangible drilling costs and oil mining leases.

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