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SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED V. FEDERAL BOARD OF INLAND REVENUE

(1996) JELR 33401 (SC)

Supreme Court  •  SC.87/1994  •  27 Sep 1996  •  Nigeria

Coram
MUHAMMADU LAWAL UWAIS JSC; SALIHU MODIBBO ALFA BELGORE JSC; MICHAEL EKUNDAYO OGUNDARE JSC; EMMANUEL OBIOMA OGWUEGBU JSC; UTHMAN MOHAMMED JSC;

Judgement

UWAIS, CJN (Delivering the Leading Judgment): This case arose from the decision of the Board of Inland Revenue, the respondent herein, not to allow deductions from the Petroleum Profits Tax for 1973 payable by the appellant in respect of exchange losses, Central Bank of Nigeria commissions and scholarships expenses incurred by the appellant.

The facts of the case are not in dispute. They are as follows. The appellant was registered in Nigeria as a company. Its main object was to engage in petroleum operations. Its yearly profits therefore, became taxable by virtue of the provisions of the Petroleum Profits Tax Act, 1959 (now Cap. 354 of the Laws of the Federation of Nigeria. 1990). Section 8 of the Act provides:-

"8. There shall be levied upon the profits of each accounting period of any company engaged in petroleum operations during that period a tax to be charged, assessed and payable in accordance with the provisions of this Act."

Pursuant to these provisions and those of Section 2…

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