REFLECTIONS ON TAX-DEDUCTIBLE EXPENSES AS COURT OF APPEAL UPHOLDS TAX ASSESSMENTS AGAINST TOTAL EXPLORATION & PRODUCTION NIGERIA LIMITED
In a unanimous judgment delivered on April 30, 2024 in Total Exploration & Production Nigeria Limited (“Total”) V. Federal Inland Revenue Service (FIRS) (CA/LAG.CV/465/2021), the Court of Appeal, Lagos Division, upheld Petroleum Profit Tax (PPT) assessments raised against Total by FIRS for 2006, 2007 and 2008. The assessments arose from payments made by Total for…