Section 17 Nigeria Tax Administration Act 2025

Section 17 of the Nigeria Tax Administration Act 2025 is about Annual returns for upstream petroleum operations. It provides as follows:

(1) Every company engaged in upstream petroleum operations including companies yet to commence bulk sales or disposal of chargeable oil,
shall file with the Service its audited accounts and returns within –

(a) 18 months from the date of its incorporation, in the case of a newly incorporated company ; and
(b) five months after any period ending on 31 December, in the case of any other company.

(2) Every company under subsection (1), shall for each accounting period of the company make up accounts of its revenue and profits or losses and prepare the following particulars for the purpose of determining its hydrocarbon tax, petroleum profits tax and income tax under Parts I and II of Chapter Three of the Nigeria Tax Act, 2025 –

(a) a statement of its revenues from all sources including lifting details of crude oil, field condensates and liquid natural gas liquids derived from associated gas and produced upstream of the measurement points ;

(b) computations of its actual revenue adjusted profit or loss and actual assessable profits of that period ;
(c) a statement of amounts repaid, refunded, waived or released to it,
referred to in sections 68 (2) and 91 (2) of the Nigeria Tax Act, 2025
during that period ;

(d) in connection with Parts II and III of the First Schedule to the Nigeria Tax Act, 2025, a schedule showing –
(i) the residue at the end of that period in respect of its assets,
(ii) all qualifying petroleum expenditure incurred by it in that period,
(iii) the values of any of its assets disposed of in that period, and
(iv) the allowances due to it under that schedule for that period ;

(e) in connection with the Sixth Schedule to the Nigeria Tax Act, 2025, a schedule showing total production allowance and cost price ratio limit from all its upstream petroleum operations related to crude oil on the two classes of chargeable profits, where applicable ;
(f) a computation of its actual chargeable profits for that period for the two classes of chargeable profits, where applicable, identified in accordance with Nigeria Tax Act, 2025 ;

(g) a computation of its chargeable tax payable for that period ;
(h) duly completed self-assessment forms attested to by the principal officer of the company; and
(i) evidence of payment of the final instalment.

(3) Every company engaged in upstream petroleum operations related to crude oil after the expiration of that period, shall deliver to the Service –
(a) a copy of its audited accounts of that period, in accordance with subsection (1) ;
(b) copies of the particulars referred to in subsection (2) relating to that period with the copy of the delivered company accounts ; and
(c) a declaration signed by an authorised officer of the company or by its liquidator, receiver or the agent of the liquidator or receiver, that the information provided is true and complete.

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