{"id":10389,"date":"2020-03-14T21:40:48","date_gmt":"2020-03-14T21:40:48","guid":{"rendered":"http:\/\/projectstore.com.ng\/?p=10389"},"modified":"2020-03-14T21:40:48","modified_gmt":"2020-03-14T21:40:48","slug":"assessment-of-petroleum-profit-tax-under-the-nigerian-tax-laws","status":"publish","type":"post","link":"https:\/\/lawstudentprojectpdf.projectstore.com.ng\/assessment-of-petroleum-profit-tax-under-the-nigerian-tax-laws\/","title":{"rendered":"ASSESSMENT OF PETROLEUM PROFIT TAX UNDER THE NIGERIAN TAX LAWS"},"content":{"rendered":"\n

<\/span>CHAPTER ONE<\/span><\/h1>\n\n\n\n

<\/span>
1.0 GENERAL INTRODUCTION<\/span><\/h2>\n\n\n\n

Petroleum Profit Tax Act provides that: Assessment of tax shall be made in such form and in such manner as the Board shall authorize\u2026 But neither the Petroleum Profit Tax Act nor any other tax law in Nigeria made any provision for the definition of the term \u201ctax\u201d or the phrase \u201cassessment of tax\u201d or \u201cthe assessment of petroleum profit tax\u201d. In an Australian case of Mathews v. Chicory Marketing Board. a tax has been defined as \u201ca compulsory exaction of money by a public authority for public purposes, or taxation is raising money for the purpose of government by means of contributions from individual persons.\u201dIn addition, Mr. Justice Roberts, in an American case of United State v. Butler, defined tax as follows: A tax in general understanding of the term and as used in constitution, signifies an exaction for the support of government.\u201dAccordingly, tax is not an optional payment or voluntary donation to the government. It is rather, a kind of an enforced contribution exacted in accordance with the legislative authority. Therefore tax, in modern period takes the forms of pecuniary burden laid upon individuals or property to support government. It is normally imposed by statute.<\/p>\n

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Page Contents<\/p>\n