SECTION PART I.- PRELIMINARY 1. Short title 2 ... - Lexadin

CAP. [354]
Petroleum Profits Tax Act
CHAPTER 354
PETROLEUM PROFITS TAX ACT
1959 No 15 An Act to impose a tax upon profits from the winning of petroleum in
Nigeria, to provide for the assessment and collection thereof and for
purposes connected therewith.
Commencement
1. This Act may be cited as the Petroleum Profits Tax Act.
PART I - PRELIMINARY
(1 st January, 1958)
Short title
1. This Act may be cited as the Petroleum Profits Tax Act.
Interpretation
1973 No. 15
2. In this Act, unless the context otherwise requires.
"Accounting period", in relation to a company engaged in petroleum
operations, means-
(a) a period of one year commencing on 1st January and ending
on 31st December of the same year; or
(b) any shorter period commencing on the day the company first
makes a sale or bulk disposal of chargeable oil under a
programme of continuous production and sales, domestic, export
or both, and ending on 31st December of the same year; or
(c) any period of less than a year being a period commencing on
1st January of any year and ending on the date in the same year
when the company ceases to be engaged in petroleum operations.
and in the event of any dispute with respect to the date of the first sale of
chargeable oil above or with respect to the date on which the company
ceases to be engaged in petroleum operations, the Minister of Petroleum
Resources shall determine the same and no appeal shall lie therefrom;
"adjusted profit" means adjusted profit for the purpose of section 9 of
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