Departments Accounting PETROLEUM COMPANIES: THE EFFECTS OF TAX ON THEIR OPERATIONS AND PROFITABILITY
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PETROLEUM COMPANIES: THE EFFECTS OF TAX ON THEIR OPERATIONS AND PROFITABILITY
PETROLEUM COMPANIES: THE EFFECTS OF TAX ON THEIR OPERATIONS AND PROFITABILITY

TABLE OF CONTENTS

Certification.. iii

Dedication.. iv

Acknowledgementv

Table of Contents. vii

CHAPTER ONE.. 1

1.0 Introduction.. 1

1.1 Background of the Study. 1

1.2 Statement of the Problem.. 2

1.3 Objectives of the Study. 3

1.4 Formulation of Hypotheses. 3

1.5 Significance of the Study. 4

1.6 Scope of the Study. 4

1.7 Limitation of the Study. 4

1.8 Definition of Some Terms as Given in the PPT. 5

CHAPTER TWO.. 10

2.0 Literature Review.. 10

2.1 Petroleum Profit Tax Act11

2.2 Cost Classification in a Petroleum Company. 13

2.3 Returns and Accounts of Petroleum Profit Tax in Nigeria. 19

2.4 Payment of Tax. 21

2.5 Profit Determination in an Accounting Period. 21

2.6 Financial Disclosure Requirements. 23

2.7 Royalties. 26

2.8 Petroleum Operations Financing Arrangements in Nigeria. 27

2.9 Taxable and NonTaxable Income of a Petroleum Company. 31

2.10 Allowable and NonAllowable Deductions Subjected to Tax by Petroleum Companies 32

2.11 Relief Available to Petroleum Companies. 37

2.12 Incentives Provided for Petroleum Companies. 40

2.13 Memorandum of Understanding MOU 1986. 41

2.14 Allowances Granted to Petroleum Companies. 42

2.15 Capital Allowances. 44

2.16 Offences and Penalties. 45

CHAPTER THREE.. 48

3.0 Research Methodology. 48

3.1 Introduction.. 48

3.2 Research Methodology. 48

3.3 Research Design.. 49

3.4 Sources of Data. 49

3.5 Sampling Procedure. 50

3.6 Sampling Techniques. 51

3.7 Method of Data Analysis. 52

CHAPTER FOUR.. 54

4.0 Presentation, Analysis and Interpretation of Data. 54

4.1 Data Analysis. 54

4.2 Data Analysis based on the return of Questionnaire. 54

4.3 Data Presentation.. 55

4.4 Test of Hypothesis. 60

CHAPTER FIVE.. 67

5.0 Summary, Conclusion and Recommendation.. 67

5.1 Summary of the Findings. 67

5.2 Conclusion.. 68

5.3 Recommendations. 69

References 70

Appendix. 71

CHAPTER ONE

1.0 Introduction

1.1 Background of the Study

The oil industry has achieved great prominence in the Nigerian economic environment since the early seventies. The influence of oil on the Nigeria economy today cannot be over emphasised. The oil industry accounts for over 90 of the countrys foreign exchange earnings. It also plays a predominant role in the gross national product index.

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