Topic: Petroleum Profits Tax (PPT)

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ATAX – May 2016 – L3 – Q3 – Petroleum Profits Tax (PPT)

Analyze the taxation effects of incentives on Joint Ventures vs. Sole Risk operations, compute Tax Inversion Penalty, and explain Mineral Rights Acquisition Costs.

Question

Ugheli Limited is operating a Joint Venture with NNPC under the Year 2000 Memorandum of Understanding, while Eket Limited operates under the Sole Risk Operation agreement.

The following information reflects the two companies’ operations for the month of July 2014:

Required:

(a)
i. Using the above information, compare the effects of Incentives on Joint Venture Operation as against the Sole Risk Operation using the two companies’ operations. (7 Marks)

ii. What is the purpose of Tax Inversion Penalty (TIP)? (4 Marks)

iii. Determine the Tax Inversion Penalty and the Revised Government Take from the operations of the two companies. (Tax Inversion Rate is 35%) (3 Marks)

(b) Explain the term “Mineral Rights Acquisition Costs.” (3 Marks)

(c) Explain briefly the differences between Joint Venture and Sole Risk Agreements under the Year 2000 Memorandum of Understanding. (3 Marks)

Answer

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Tags: Joint Ventures, Sole Risk Operations, Tax Incentives, Tax Inversion Penalties
Level: Level 3

Topic: Petroleum Profits Tax (PPT)

ATAX – May 2016 – L3 – Q2 – Petroleum Profits Tax (PPT)

Compute assessable and chargeable profits, assessable and chargeable taxes, and tertiary education tax for Sky Petroleum Plc.

Question

Sky Petroleum Plc commenced operations over ten years ago and makes up accounts to December 31 annually. The following details have been extracted from the accounting records for the year ended December 31, 2014:

Details	Amount
Crude Oil Exported	3,500,000 barrels
Crude Oil Used Locally	1,200,000 barrels at ₦100 per barrel
Incidental Income from Petroleum Operations	₦26,750,000
Exploration and Drilling Costs	₦30,000,000
Management and Administration Expenses	₦240,500,000
Non-Productive Rents	₦8,300,000
Allowance for Bad Debts – General	₦7,500,000
Allowance for Bad Debts – Specific	₦11,200,000
Depreciation	₦7,250,000
Losses Brought Forward	₦13,200,000

Qualifying Capital Expenditure:

Asset	Date Acquired	Location	Amount (₦)
Pipeline and Storage Tanks	March 2014	Continental Shelf (190m water depth)	₦48,000,000
Plant and Machinery	June 2012	Territorial Waters (90m water depth)	₦63,800,000
Furniture and Fittings	May 2011	Territorial Waters (95m water depth)	₦21,000,000
Building	April 2013	Onshore	₦71,000,000

Breakdown of Management and Administration Expenses:

Item	Amount (₦)
Donations to Political Parties	₦8,500,000
Expenditure for Petroleum Deposit Information	₦4,700,000
Companies Income Tax of an Associated Company	₦5,000,000
Interest on Inter-Company Loans (at market terms)	₦2,600,000
Staff Salaries	₦175,000,000
Royalties on Export Sales	₦6,200,000
Repairs and Renewals on PPE for Petroleum Operations	₦2,900,000
Rents Paid for Oil Prospecting License	₦3,600,000
Other Administrative Expenses	₦32,000,000
Total	₦240,500,000

Additional Information:

International market price of crude oil in 2014 was USD $75 per barrel.
Exchange rate: USD $1 = ₦280.

Required:

a. Compute the Assessable Profit. (11 Marks)
b. Compute the Chargeable Profit. (5 Marks)
c. Compute the Assessable Tax. (1 Mark)
d. Compute the Chargeable Tax. (2 Marks)
e. Compute the Tertiary Education Tax. (1 Mark)

Answer

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Level: Level 3

Topic: Petroleum Profits Tax (PPT)

AT – Nov 2016 – L3 – SC – Q6 – Petroleum Profits Tax (PPT)

Explain associated gas and downstream activities and compute petroleum profits tax for Bivenette Petroleum Company Ltd.

Question

a. The administration of the Petroleum Profits Tax Act is under the charge and management of the Federal Inland Revenue Service with respect to Petroleum Profits Tax Act Cap P13 LFN 2004.

You are required to explain:
i. Associated Gas (2 Marks)
ii. Downstream Activities (2 Marks)

b. Bivenette Petroleum Company Limited has been in the oil prospecting business for some years. Extracts from the financial statements for the year ended December 31, 2013, show the following information:

Details	Amount (₦’000)
Value of oil exported	1,030,000
Domestic sales	842,000
Chargeable gas sales	603,000
Other income	425,000
Operating costs	1,385,000
Intangible costs	142,800
Royalty on export sales	125,000
Royalty on local sales	96,500
Non-productive rent	102,000
Exploration incentives	313,500
Rental	101,200
Interest paid	98,000
Administrative expenses	265,000

Additional Information:
(i) The Petroleum Profits Tax rate is 85%.
(ii) Interest paid included ₦12,000,000 paid to an affiliated company.
(iii) Capital allowances were agreed at ₦253,750,000.
(iv) Included in the operating cost is ₦302,000,000 paid to a company for information on oil prospect in Adamawa State.
(v) The company is entitled to Investment Allowance of ₦173,000,000.

Required:
Determine the Assessable Profit, Chargeable Profit, Assessable Tax, and Chargeable Tax of the company for the relevant Year of Assessment. (11 Marks)

Answer

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Tags: Assessable Profit, Associated Gas, Chargeable Profit, Downstream Activities, Investment Allowance
Level: Level 3

Topic: Petroleum Profits Tax (PPT)
Series: NOV 2016

ATAX – May 2017 – L3 – Q7b – Petroleum Profits Tax (PPT)

Explain "Memorandum of Understanding" in PPT computation and highlight the Year 2000 MOU details.

Question

i. Describe briefly your understanding of the term “Memorandum of Understanding” as it applies to Petroleum Profits Tax computation. (3 Marks)

ii. State FOUR highlights of the Year 2000 Memorandum of Understanding. (4 Marks)

Answer

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Level: Level 3

Topic: Petroleum Profits Tax (PPT)

ATAX – May 2017 – L3 – Q7a – Petroleum Profits Tax (PPT)

List eight items disallowed by the Petroleum Profits Tax Act in ascertaining adjusted profit.

Question

As the newly appointed Tax Consultant to a company, you are required to make a presentation stating EIGHT items specifically disallowed by the Petroleum Profits Tax Act Cap. P13 LFN 2004 as amended, in ascertaining the adjusted profit of an accounting period. (8 Marks)

Answer

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Level: Level 3

Topic: Petroleum Profits Tax (PPT)

ATAX – May 2019 – L3 – Q1b – Petroleum Profits Tax (PPT)

Assess and compute the assessable profit, chargeable profit, chargeable tax, and total tax payable for a petroleum company, based on financial data.

Question

b. Priceless Oil Limited commenced crude oil production in Nigeria in 2006. The company has provided the following financial report for the year ended December 31, 2018:

Additional Information:

Posted price for exported crude oil averaged $52/barrel (at an exchange rate of ₦306 to $1).
Included in other income: ₦38,000,000 from crude transportation (cost: ₦16,250,000).
Natural gas contract with Tommy Limited: value ₦655,000,000, load factor 54%.
Depreciation of ₦120,250,000 was included in production costs.
Qualifying capital expenditures:

Type	Date	Location	Amount (₦)
Storage tank	March 12, 2018	On-shore	23,500,000
Plant and equipment	November 15, 2018	Continental Shelf of 130 metres of water depth	75,000,000

Capital allowances brought forward: ₦33,700,000; for the year: ₦88,500,000.
Admin expenses include ₦3,500,000 stamp duties for debentures.
Specific bad debts written off: ₦39,500,000.
Donations were wholly expended for petroleum operations.
₦12,250,000 was paid to retrieve petroleum-related data (included in miscellaneous expenses).
₦20,500,000 interest was paid to an associate company at market rate.

Prepare and submit a report on the following computations:
i. Assessable profit (12 Marks)
ii. Chargeable profit (6 Marks)
iii. Chargeable tax (6 Marks)
iv. Total tax payable (6 Marks)

Answer

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Tags: Oil and Gas Taxation, Petroleum Profits Tax, PPT Act Cap P13 LFN 2004, Tax Compliance, Tax computation
Level: Level 3

Topic: Petroleum Profits Tax (PPT)

ATAX – May 2019 – L3 – Q1a – Petroleum Profits Tax (PPT)

Assess and compute the assessable profit, chargeable profit, chargeable tax, and total tax payable for a petroleum company, based on financial data.

Question

In line with provisions of the Petroleum Profits Tax Act Cap P13 LFN 2004 (as amended), explain “accounting period” of a petroleum exploration company. (2 Marks)

Answer

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Level: Level 3

Topic: Petroleum Profits Tax (PPT)

AT – Nov 2014 – L3 – SB – Q4 – Petroleum Profits Tax (PPT)

Analyze tax implications for Broadway Limited's pioneer status and relevant years of assessment.

Question

Broadway Limited was incorporated on 31 May 2004, as a manufacturer of plastic products. Four Lebanese shareholders invested substantially, intending to become members of the Board of Directors. The company applied for a Pioneer Status under the Industrial Development (Income Tax Relief) Act, Cap. 17, LFN 2004 and was granted a Pioneer Certificate, with a Production Day certified as 1 August 2004.

The following information has been extracted from the company’s records:

Details	Amount (N)
Net Profit for Financial Year Ended 31 July 2008	5,005,000
Depreciation	396,435

The Federal Inland Revenue Service (FIRS) certified the following expenditures up to and including the year ended 31 July 2007:

Expenditure Type	Amount (N)
Industrial Building	6,142,500
Non-Industrial Building	2,990,000
Plant and Machinery	4,631,250
Motor Vehicles	4,062,500

The promoters declined to apply for an extension of the Pioneer period.

Required:
Advise the management on the tax implications for the relevant years of assessment.

Answer

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Level: Level 3

Topic: Petroleum Profits Tax (PPT)
Series: NOV 2014

AT – Nov 2014 – L3 – SB – Q3 – Petroleum Profits Tax (PPT)

Calculate the total tax liabilities of Jisosi Petroleum Limited to aid in dividend decision-making.

Question

The Independent Auditors of Jisosi Petroleum Limited submitted the draft Audited Financial Statements for the year ended 31 December 2013 for management’s discussion. The executive summary revealed total revenue of N286,650,000 and Profit Before Taxation of N82,642,000.

To arrive at the proposed dividend for the consideration of the Board, there is a need to determine the total tax liabilities for the year. The draft Statement of Profit or Loss includes the following items among others:

Expense Item	Amount (N)
Royalty on Crude Oil sold	13,500,000
Cost of Well Drilling	25,000,000
Custom Duties	500,000
Clearing of Oil Spillage	7,500,000
Depreciation	32,000,000
Donations	4,500,000
Community Relations Expenses	10,000,000
Transportation Expenses for 2012	8,500,000

Additionally, the revenue includes:

Profit on Property, Plant, and Equipment sold: N48,000
Income from transportation of crude oil for the year ended 31 December 2012: N16,894,000

The officials of Federal Inland Revenue Service (FIRS) and the Company agreed as follows:

Item	Amount (N)
Annual Allowances on exploration	25,500,000
Balancing Charge on exploration	242,000
Capital Allowances on exploration b/f	11,000,000
Petroleum Investment Allowance	18,500,000
Capitalised Intangible Drilling Cost	14,000,000
Losses b/f	10,000,000
Capital Allowances on transportation	750,000

Required:
Determine the total tax liabilities of the company for the consideration of the directors to aid in the proposed dividend decision.

Answer

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Level: Level 3

Topic: Petroleum Profits Tax (PPT)
Series: NOV 2014

ATAX – May 2022 – L3 – Q7 – Petroleum Profits Tax (PPT)

Identify allowable expenses under the PIA and explain implications of mergers in upstream petroleum operations.

Question

In the last three years, some major oil producing companies have decided to divest their investments from the Nigerian oil and gas sector. One of the reasons for this might be the new global energy order, which seems to favour the evolution of a “green environment” as against the present use of hydrocarbons with its inherent environmental degradation and pollution.

Similarly, in response to the yearnings of various stakeholders in the oil and gas sector, the Federal Government enacted the Petroleum Industry Act (PIA) 2021. Generally, the Act provides the legal, governance, regulatory, and fiscal framework for the Nigerian petroleum industry, the development of host communities, and for related matters.

Notable commentators and professionals in the sector suggest that the divestment of major oil and gas operators in Nigeria could be beneficial to local investors if funds are sourced and deployed to businesses in the sector. Mergers and acquisitions of indigenously owned oil-producing companies have been noted as one valuable option in this regard.

Required:

a. In respect of the Petroleum Industry Act 2021, identify the expenses allowable in the computation of adjusted profit of a company in upstream petroleum operations. (6 Marks)
b. Identify and explain SIX implications of mergers and acquisitions in respect of a situation where a new company takes over an existing company. (9 Marks)

Answer

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Level: Level 3

Topic: Petroleum Profits Tax (PPT)

ATAX – May 2016 – L3 – Q3 – Petroleum Profits Tax (PPT)

Analyze the taxation effects of incentives on Joint Ventures vs. Sole Risk operations, compute Tax Inversion Penalty, and explain Mineral Rights Acquisition Costs.

Question

Ugheli Limited is operating a Joint Venture with NNPC under the Year 2000 Memorandum of Understanding, while Eket Limited operates under the Sole Risk Operation agreement.

The following information reflects the two companies’ operations for the month of July 2014:

Required:

(a)
i. Using the above information, compare the effects of Incentives on Joint Venture Operation as against the Sole Risk Operation using the two companies’ operations. (7 Marks)

ii. What is the purpose of Tax Inversion Penalty (TIP)? (4 Marks)

iii. Determine the Tax Inversion Penalty and the Revised Government Take from the operations of the two companies. (Tax Inversion Rate is 35%) (3 Marks)

(b) Explain the term “Mineral Rights Acquisition Costs.” (3 Marks)

(c) Explain briefly the differences between Joint Venture and Sole Risk Agreements under the Year 2000 Memorandum of Understanding. (3 Marks)

Answer

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Tags: Joint Ventures, Sole Risk Operations, Tax Incentives, Tax Inversion Penalties
Level: Level 3

Topic: Petroleum Profits Tax (PPT)

ATAX – May 2016 – L3 – Q2 – Petroleum Profits Tax (PPT)

Compute assessable and chargeable profits, assessable and chargeable taxes, and tertiary education tax for Sky Petroleum Plc.

Question

Details	Amount
Crude Oil Exported	3,500,000 barrels
Crude Oil Used Locally	1,200,000 barrels at ₦100 per barrel
Incidental Income from Petroleum Operations	₦26,750,000
Exploration and Drilling Costs	₦30,000,000
Management and Administration Expenses	₦240,500,000
Non-Productive Rents	₦8,300,000
Allowance for Bad Debts – General	₦7,500,000
Allowance for Bad Debts – Specific	₦11,200,000
Depreciation	₦7,250,000
Losses Brought Forward	₦13,200,000

Qualifying Capital Expenditure:

Asset	Date Acquired	Location	Amount (₦)
Pipeline and Storage Tanks	March 2014	Continental Shelf (190m water depth)	₦48,000,000
Plant and Machinery	June 2012	Territorial Waters (90m water depth)	₦63,800,000
Furniture and Fittings	May 2011	Territorial Waters (95m water depth)	₦21,000,000
Building	April 2013	Onshore	₦71,000,000

Breakdown of Management and Administration Expenses:

Item	Amount (₦)
Donations to Political Parties	₦8,500,000
Expenditure for Petroleum Deposit Information	₦4,700,000
Companies Income Tax of an Associated Company	₦5,000,000
Interest on Inter-Company Loans (at market terms)	₦2,600,000
Staff Salaries	₦175,000,000
Royalties on Export Sales	₦6,200,000
Repairs and Renewals on PPE for Petroleum Operations	₦2,900,000
Rents Paid for Oil Prospecting License	₦3,600,000
Other Administrative Expenses	₦32,000,000
Total	₦240,500,000

Additional Information:

International market price of crude oil in 2014 was USD $75 per barrel.
Exchange rate: USD $1 = ₦280.

Required:

Answer

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Level: Level 3

Topic: Petroleum Profits Tax (PPT)

AT – Nov 2016 – L3 – SC – Q6 – Petroleum Profits Tax (PPT)

Explain associated gas and downstream activities and compute petroleum profits tax for Bivenette Petroleum Company Ltd.

Question

a. The administration of the Petroleum Profits Tax Act is under the charge and management of the Federal Inland Revenue Service with respect to Petroleum Profits Tax Act Cap P13 LFN 2004.

You are required to explain:
i. Associated Gas (2 Marks)
ii. Downstream Activities (2 Marks)

Details	Amount (₦’000)
Value of oil exported	1,030,000
Domestic sales	842,000
Chargeable gas sales	603,000
Other income	425,000
Operating costs	1,385,000
Intangible costs	142,800
Royalty on export sales	125,000
Royalty on local sales	96,500
Non-productive rent	102,000
Exploration incentives	313,500
Rental	101,200
Interest paid	98,000
Administrative expenses	265,000

Required:
Determine the Assessable Profit, Chargeable Profit, Assessable Tax, and Chargeable Tax of the company for the relevant Year of Assessment. (11 Marks)

Answer

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Tags: Assessable Profit, Associated Gas, Chargeable Profit, Downstream Activities, Investment Allowance
Level: Level 3

Topic: Petroleum Profits Tax (PPT)
Series: NOV 2016

ATAX – May 2017 – L3 – Q7b – Petroleum Profits Tax (PPT)

Explain "Memorandum of Understanding" in PPT computation and highlight the Year 2000 MOU details.

Question

i. Describe briefly your understanding of the term “Memorandum of Understanding” as it applies to Petroleum Profits Tax computation. (3 Marks)

ii. State FOUR highlights of the Year 2000 Memorandum of Understanding. (4 Marks)

Answer

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Level: Level 3

Topic: Petroleum Profits Tax (PPT)

ATAX – May 2017 – L3 – Q7a – Petroleum Profits Tax (PPT)

List eight items disallowed by the Petroleum Profits Tax Act in ascertaining adjusted profit.

Question

Answer

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Level: Level 3

Topic: Petroleum Profits Tax (PPT)

ATAX – May 2019 – L3 – Q1b – Petroleum Profits Tax (PPT)

Assess and compute the assessable profit, chargeable profit, chargeable tax, and total tax payable for a petroleum company, based on financial data.

Question

b. Priceless Oil Limited commenced crude oil production in Nigeria in 2006. The company has provided the following financial report for the year ended December 31, 2018:

Additional Information:

Posted price for exported crude oil averaged $52/barrel (at an exchange rate of ₦306 to $1).
Included in other income: ₦38,000,000 from crude transportation (cost: ₦16,250,000).
Natural gas contract with Tommy Limited: value ₦655,000,000, load factor 54%.
Depreciation of ₦120,250,000 was included in production costs.
Qualifying capital expenditures:

Type	Date	Location	Amount (₦)
Storage tank	March 12, 2018	On-shore	23,500,000
Plant and equipment	November 15, 2018	Continental Shelf of 130 metres of water depth	75,000,000

Capital allowances brought forward: ₦33,700,000; for the year: ₦88,500,000.
Admin expenses include ₦3,500,000 stamp duties for debentures.
Specific bad debts written off: ₦39,500,000.
Donations were wholly expended for petroleum operations.
₦12,250,000 was paid to retrieve petroleum-related data (included in miscellaneous expenses).
₦20,500,000 interest was paid to an associate company at market rate.

Answer

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Level: Level 3

Topic: Petroleum Profits Tax (PPT)

ATAX – May 2019 – L3 – Q1a – Petroleum Profits Tax (PPT)

Assess and compute the assessable profit, chargeable profit, chargeable tax, and total tax payable for a petroleum company, based on financial data.

Question

In line with provisions of the Petroleum Profits Tax Act Cap P13 LFN 2004 (as amended), explain “accounting period” of a petroleum exploration company. (2 Marks)

Answer

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Tags: Oil and Gas Taxation, Petroleum Profits Tax, PPT Act Cap P13 LFN 2004, Tax Compliance, Tax computation
Level: Level 3

Topic: Petroleum Profits Tax (PPT)

AT – Nov 2014 – L3 – SB – Q4 – Petroleum Profits Tax (PPT)

Analyze tax implications for Broadway Limited's pioneer status and relevant years of assessment.

Question

The following information has been extracted from the company’s records:

Details	Amount (N)
Net Profit for Financial Year Ended 31 July 2008	5,005,000
Depreciation	396,435

The Federal Inland Revenue Service (FIRS) certified the following expenditures up to and including the year ended 31 July 2007:

Expenditure Type	Amount (N)
Industrial Building	6,142,500
Non-Industrial Building	2,990,000
Plant and Machinery	4,631,250
Motor Vehicles	4,062,500

The promoters declined to apply for an extension of the Pioneer period.

Required:
Advise the management on the tax implications for the relevant years of assessment.

Answer

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Tags: Income Tax, Industrial Development, Pioneer Status, Tax Relief
Level: Level 3

Topic: Petroleum Profits Tax (PPT)
Series: NOV 2014

AT – Nov 2014 – L3 – SB – Q3 – Petroleum Profits Tax (PPT)

Calculate the total tax liabilities of Jisosi Petroleum Limited to aid in dividend decision-making.

Question

Expense Item	Amount (N)
Royalty on Crude Oil sold	13,500,000
Cost of Well Drilling	25,000,000
Custom Duties	500,000
Clearing of Oil Spillage	7,500,000
Depreciation	32,000,000
Donations	4,500,000
Community Relations Expenses	10,000,000
Transportation Expenses for 2012	8,500,000

Additionally, the revenue includes:

Profit on Property, Plant, and Equipment sold: N48,000
Income from transportation of crude oil for the year ended 31 December 2012: N16,894,000

The officials of Federal Inland Revenue Service (FIRS) and the Company agreed as follows:

Item	Amount (N)
Annual Allowances on exploration	25,500,000
Balancing Charge on exploration	242,000
Capital Allowances on exploration b/f	11,000,000
Petroleum Investment Allowance	18,500,000
Capitalised Intangible Drilling Cost	14,000,000
Losses b/f	10,000,000
Capital Allowances on transportation	750,000

Required:
Determine the total tax liabilities of the company for the consideration of the directors to aid in the proposed dividend decision.

Answer

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Tags: Dividend Computation, Oil Industry, Petroleum Profits Tax, Tax liabilities
Level: Level 3

Topic: Petroleum Profits Tax (PPT)
Series: NOV 2014

ATAX – May 2022 – L3 – Q7 – Petroleum Profits Tax (PPT)

Identify allowable expenses under the PIA and explain implications of mergers in upstream petroleum operations.

Question

Required:

Answer

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Tags: Acquisitions, Allowable expenses, Mergers, Petroleum Industry Act, Tax implications, Upstream Operations
Level: Level 3