Petroleum Revenue – NBC Institute

ATAX – Nov 2018 – L3 – Q6b – Petroleum Profits Tax (PPT)

Explanation of two roles each of DPR, NNPC, and CBN in regulating Nigeria's oil and gas industry.

Question

A large proportion of the total foreign exchange earnings generated by the Federal Government of Nigeria is from petroleum-related activities. In the oil and gas industry, several regulatory agencies, such as the Nigerian National Petroleum Corporation (NNPC), National Petroleum Investment Management Services (NAPIMS), Department of Petroleum Resources (DPR), Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS), etc., have been established to ensure sanity and accountability in the upstream, midstream, downstream, gas utilization, and oil service sectors.

You are required to: Explain two roles each, of the following players in the oil and gas industry in Nigeria:

DPR
NNPC
CBN

Answer

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Topic: Petroleum Profits Tax (PPT)

PSAF – May 2022 – L2 – SA – Q3 – Government Revenue

Identify the powers and functions of state boards of internal revenue and other agencies in revenue generation.

Question

Revenue generation is an important role carried out by some agencies of government with a view to meeting the expenditure of government, required for taking care of the welfare of the citizens. Revenue Mobilisation, Allocation and Fiscal Commission Act 1989 specifically mentioned some powers and functions of the Commission.

Required:
a. Identify FOUR powers and responsibilities of State Board of Internal Revenue Service in Nigeria. (4 Marks)
b. Explain FOUR specific functions of the Department of Petroleum Resources (DPR). (4 Marks)
c. Highlight SIX powers entrusted to the Revenue Mobilisation, Allocation and Fiscal Commission. (6 Marks)
d. Explain THREE sources of revenue payable to the federation account in Nigeria. (6 Marks)

Answer

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Tags: Fiscal Policy, Government Agencies, Petroleum Revenue, Revenue Generation, Taxation
Level: Level 2

Topic: Government Revenue
Series: MAY 2022

TF – May 2018 – L3 – Q5a – Petroleum Operations

Computation of revenue from oil sales and asset disposal for Lanandam Ltd.

Question

The following data is relevant to the upstream petroleum operations of Lanandam Ltd for 2017 year of assessment.

200,000 barrels of oil sold internationally at $68 per barrel
An asset bought at the inception of petroleum operations was sold for $1,000,000 in 2017
50,000 barrels lifted and sold to its parent company in the United States at an agreed price of $56 per barrel. The price ruling on the international market on the day of lifting was $60 per barrel.
Required:
Compute the revenue from the above and comment on the treatment of the sale of the petroleum assets as indicated above.

Answer

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Tags: Asset Sales, Oil Sales, Petroleum Revenue, Tax Planning
Level: Level 3

Topic: Petroleum operations
Series: MAY 2018

ATAX – Nov 2018 – L3 – Q6b – Petroleum Profits Tax (PPT)

Explanation of two roles each of DPR, NNPC, and CBN in regulating Nigeria's oil and gas industry.

Question

You are required to: Explain two roles each, of the following players in the oil and gas industry in Nigeria:

DPR
NNPC
CBN

Answer

Find Related Questions by Tags, levels, etc.

Topic: Petroleum Profits Tax (PPT)

PSAF – May 2022 – L2 – SA – Q3 – Government Revenue

Identify the powers and functions of state boards of internal revenue and other agencies in revenue generation.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Fiscal Policy, Government Agencies, Petroleum Revenue, Revenue Generation, Taxation
Level: Level 2

Topic: Government Revenue
Series: MAY 2022

TF – May 2018 – L3 – Q5a – Petroleum Operations

Computation of revenue from oil sales and asset disposal for Lanandam Ltd.

Question

The following data is relevant to the upstream petroleum operations of Lanandam Ltd for 2017 year of assessment.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Sales, Oil Sales, Petroleum Revenue, Tax Planning
Level: Level 3

Topic: Petroleum operations
Series: MAY 2018

Question Tag: Petroleum Revenue

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ATAX – Nov 2018 – L3 – Q6b – Petroleum Profits Tax (PPT)

Explanation of two roles each of DPR, NNPC, and CBN in regulating Nigeria's oil and gas industry.

PSAF – May 2022 – L2 – SA – Q3 – Government Revenue

Identify the powers and functions of state boards of internal revenue and other agencies in revenue generation.

TF – May 2018 – L3 – Q5a – Petroleum Operations

Computation of revenue from oil sales and asset disposal for Lanandam Ltd.

ATAX – Nov 2018 – L3 – Q6b – Petroleum Profits Tax (PPT)

Explanation of two roles each of DPR, NNPC, and CBN in regulating Nigeria's oil and gas industry.

PSAF – May 2022 – L2 – SA – Q3 – Government Revenue

Identify the powers and functions of state boards of internal revenue and other agencies in revenue generation.

TF – May 2018 – L3 – Q5a – Petroleum Operations

Computation of revenue from oil sales and asset disposal for Lanandam Ltd.

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Question Tag: Petroleum Revenue

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ATAX – Nov 2018 – L3 – Q6b – Petroleum Profits Tax (PPT)

Explanation of two roles each of DPR, NNPC, and CBN in regulating Nigeria's oil and gas industry.

You're reporting an error for "ATAX – Nov 2018 – L3 – Q6b – Petroleum Profits Tax (PPT)"

PSAF – May 2022 – L2 – SA – Q3 – Government Revenue

Identify the powers and functions of state boards of internal revenue and other agencies in revenue generation.

You're reporting an error for "PSAF – May 2022 – L2 – SA – Q3 – Government Revenue"

TF – May 2018 – L3 – Q5a – Petroleum Operations

Computation of revenue from oil sales and asset disposal for Lanandam Ltd.

You're reporting an error for "TF – May 2018 – L3 – Q5a – Petroleum Operations"

ATAX – Nov 2018 – L3 – Q6b – Petroleum Profits Tax (PPT)

Explanation of two roles each of DPR, NNPC, and CBN in regulating Nigeria's oil and gas industry.

You're reporting an error for "ATAX – Nov 2018 – L3 – Q6b – Petroleum Profits Tax (PPT)"

PSAF – May 2022 – L2 – SA – Q3 – Government Revenue

Identify the powers and functions of state boards of internal revenue and other agencies in revenue generation.

You're reporting an error for "PSAF – May 2022 – L2 – SA – Q3 – Government Revenue"

TF – May 2018 – L3 – Q5a – Petroleum Operations

Computation of revenue from oil sales and asset disposal for Lanandam Ltd.

You're reporting an error for "TF – May 2018 – L3 – Q5a – Petroleum Operations"

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