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Rethinking Deductibility of Interest on Affiliate Loans by Upstream Companies Under Nigeria’s Petroleum Profits Tax Act

Rethinking Deductibility of Interest on Affiliate Loans by Upstream Companies Under Nigeria’s Petroleum Profits Tax Act

The general deductibility provisions of section 10 Petroleum Profits Tax Act2 (PPTA), Nigeria’s primary legislation on the taxation of oil Exploration and Production (E&P) companies, prescribes that deductible expenses must be “wholly, exclusively and necessarily incurred” in respect of “petroleum operations” for the relevant period.Read more

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