Petroleum Profits Tax Act, 1959 🇳🇬

Nigeria Repealed: 2026-01-01 5 Citing Cases

Repeal Notice

This legislation was repealed on 2026-01-01 by Nigeria Tax Act, 2025

Petroleum Profits Tax Act, 1959

Published in Official Gazette supplement 26 on 30 April 1959
Commenced on 1 January 1958
[This is the version of this document as it was at 31 December 2002 to 12 January 2020.]

[Repealed on 1 January 2026 by Nigeria Tax Act, 2025 (Act 7 of 2025)]

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.

Part 1 – Preliminary

1. Short title

This Act may be cited as the Petroleum Profits Tax Act.

2. Interpretation

In this Act, unless the context otherwise requires-"accounting period" in relation to a company engaged 111 petroleum operations, means-(a)a period of one year commencing on 1 January and ending on 31 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 31 December of t…

Read the Full Legislation on judy.legal

Access annotations, citing cases, and more legal research tools.

Open in judy.legal