OIL, GAS AND OTHER MINERALS TAXATION

OIL, GAS AND OTHER MINERALS TAXATION

A PAPER PRESENTED BY

JULIET OGEDI DAVID-WEST (MRS)

AT THE SPECIAL TRAINING PROGRAMME OF THE CHARTERED INSTITUTE OF TAXATION OF NIGERIA

(CITN)

22nd May, 2013

Mrs. J. O. David-West

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CONTENT

PRINCIPLES AND PRACTICE OF TAXATION TAXATION IN THE SOLID MINERALS INDUSTRY IN

NIGERIA

TAXATION IN THE OIL AND GAS INDUSTRY IN

NIGERIA

PETROLEUM INDUSTRY BILL

Mrs. J. O. David-West

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22nd May, 2013

INTRODUCTION

The word Tax and Taxation have been used

interchangeable to mean the same thing. This is not so. Tax, in the words of Dalton, H. "is a compulsory contribution imposed by a public authority, irrespective of the exact amount of service rendered to the taxpayer in return, and not imposed as penalty for any legal offence."

whereas taxation could be described as all the

processes involved in the contract drafting/negotiation for the design of the fiscal system, the legal framework, administration and imposition.

Mrs. J. O. David-West

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22nd May, 2013

INTRODUCTION (Cont'd)

A good tax system should have some basic

characteristic. These characteristics, as opined by Adams Smith in his book "The Wealth of Nations" are referred to as Canons of Taxation. Accordingly, Adam Smith stated four (4) basic canons of taxation to include:

Equity Certainty Convenience Economy

Mrs. J. O. David-West

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22nd May, 2013

INTRODUCTION (Cont'd)

These canons of taxation have today been expanded to include the design of the fiscal system and the legal framework

Mrs. J. O. David-West

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22nd May, 2013

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