Latest Breaking News On - Fhc overturns tat judgment on the basis for computing balancing charge petroleum assets - Page 1 : comparemela.com

To print this article, all you need is to be registered or login on Mondaq.com. The Federal High Court (FHC or the Court ) Lagos Division, on Monday 28 September 2020, overturned the judgment of the Tax Appeal Tribunal (TAT or the Tribunal) in the appeal between the Federal Inland Revenue Service (FIRS or the Appellant ) and Total E&P Nigeria Limited (Total or the Respondent ) by ruling that petroleum investment allowance (PIA) should be included in the computation of balancing charge on disposal of assets used for petroleum operations. Specifically, the FHC held that PIA granted by Paragraph 5 of the Second Schedule to the Petroleum Profit Tax Act Cap P13, Laws

Federation of nigeriaPetroleum profit tax act capRevenue serviceOil mining leases omlsEp nigeria limitedHigh courtCourt lagosFederal high courtTax appeal tribunalFederal inland revenue serviceTotalep nigeria limitedSecond scheduleOil mining leasesTotal financeCompanie income tax actFhc overturns tat judgment on the basis for computing balancing charge petroleum assets