ECHOES OF TAX & LAW – PETROLEUM INDUSTRY ACT VS. PETROLEUM PROFIT TAX ACT: DEFINING THE TAX BOUNDARIES
It may be surprising that the Petroleum Profit Tax Act remains in force in spite of the taxation of upstream petroleum operations in the Petroleum Industry Act, 2021 as Hydrocarbon Tax. Why was the Finance Act, 2023 amending the Petroleum Profit Tax Act Cap P13 LFN 2004, instead of the Petroleum Industry Act,…