Posted by Oluyinka Akintunde and Louis Iba on
Six oil companies operating in the country including Shell Petroleum Development Company and Chevron Nigeria Limited, paid a total $609.966million (about N80.073billion) to the Federal Government as Petroleum Profit Tax for the month of July 2005.
Six oil companies operating in the country including Shell Petroleum Development Company and Chevron Nigeria Limited, paid a total $609.966million (about N80.073billion) to the Federal Government as Petroleum Profit Tax for the month of July 2005.
The other oil companies that paid the PPT to the government through the Federal Inland Revenue Service include Mobil Producing Unlimited, Elf/Total, Moni Pulo and Global Oil Service.
The details of the PPT collection from operators for July, which were obtained by our correspondents on Sunday, showed that SPDC, Chevron and Mobil paid $201.707million (about N26.698billion), $107.994 million (about N14.294billion) and $180.889million (about N23.942billion), respectively, during the month under review.
The FIRS also received $111.629million (about N14.775billion), $2.560million (about N338.947million) and $185,811 (about N24.593million) from Elf/Total, Global Oil Service and Moni Pulo as tax payment for July 2005.
The FIRS report indicated that the tax paid by the oil companies exceeded the government agency's approved estimate for the month by $188.01million.
According to the report, the FIRS had approved an estimate of $157.243million, $71.271million, $121.581 million, $66.749million and $111,484 from Shell, Chevron, Mobil, Elf/Total and Moni Pulo, respectively.
Six other oil companies, however, failed to pay the approved PPT estimate for the month. The companies included Nigerian Agip Oil Company, Phillips, Conoil, Exxon Mobil, Addax Petroleum and Continental.
The FIRS had approved an estimate of $31.068million, $10.60million, $210,615, $74,324, $5.389 million and $251,236 for Nigerian Agip Oil Company, Phillips, Conoil, Exxon Mobil, Addax Petroleum and Continental, respectively, for PPT collection from the operators.
Analysis of the PPT collection showed that the amount realised in July was higher than the corresponding period in 2004.
While the FIRS collected $604.966million (about N80.073billion) in July 2005, the sum of N73.661billion was collected from oil operators in July 2004.
A total sum of N876.07 billion is expected by the government from PPT in 2005.
It would be recalled that the Revenue Mobilisation Allocation and Fiscal Commission had said on July 14, 2005 disclosed that oil companies operating in the country owed the government $655.836million (about N87.226billion).
The RMAFC Chairman, Alhaji Hamman Tukur, who confirmed this in Abuja, said the oil companies' tax liabilities were discovered during a reconciliation exercise jointly conducted by the Federal Inland Revenue Service and Economic and Financial Crimes Commission between March and December 2004.
THE PUNCH, Monday, September 19