{"id":70346,"date":"2019-11-12T19:09:10","date_gmt":"2019-11-12T18:09:10","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=70346"},"modified":"2019-11-12T19:09:10","modified_gmt":"2019-11-12T18:09:10","slug":"widening-the-revenue-dragnet-through-the-deep-offshore-act","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/articles-opinions\/widening-the-revenue-dragnet-through-the-deep-offshore-act\/","title":{"rendered":"WIDENING THE REVENUE DRAGNET THROUGH THE DEEP OFFSHORE ACT"},"content":{"rendered":"
\n
<\/div>\n
\n
\nBY JIDE AYOBOLU<\/p>\n

PRESIDENT MUHAMMADU BUHARI HAS ASSENTED TO THE BILL AMENDING THE DEEP
\nOFFSHORE (AND INLAND BASIN PRODUCTION SHARING CONTRACT) ACT.\u00a0 THE Deep
\nOffshore (and Inland Basin Production Sharing Contract) Act was recently
\npassed into law by the National Assembly. President Buhari in his tweet
\nappreciated the lawmakers for their cooperation in making the \u2018long
\noverdue\u2019 amendment possible. He added that that during his 2020 Budget
\nPresentation Speech before the National Assembly in October he had
\nearlier highlighted the need to urgently review the fiscal terms for
\ndeep offshore oil fields, to reflect current realities and to ensure
\nincreased government revenues.<\/p>\n

The Senate passed the Deep Offshore and Inland Basin Production Sharing
\nContract Act 2004 (Amendment) Bill, 2019 (the Bill) in October 2019. The
\nBill which aims to amend the provisions of the Deep Offshore and Inland
\nBasin Production Sharing Contract Act 2004 (DOIBPSCA or the Act) also
\naims to shore up Nigeria\u2019s revenue earnings. DOIBPSCA regulates the
\noperations of oil and gas companies operating under production sharing
\ncontracts (PSCs) in the Deep Offshore and Inland Basin. The Act gives
\neffect to certain incentives (such as lower royalty and tax rates etc.)
\ngranted to oil and gas companies operating under PSCs in the Deep
\nOffshore and Inland Basin areas of Nigeria.<\/p>\n

It would be recalled that, Nigeria\u2019s push for more revenue from oil
\nhas received a major boost as President Muhammadu Buhari assented to the
\nbill amending the Deep Offshore and Inland Basin Production Sharing
\nContract (PSC) Act governing the PSC agreements between the federal
\ngovernment and International Oil Companies (OICs). The House of
\nRepresentatives had earlier concurred with the Senate and passed the
\nbill. With the signing of the bill into law, the country is projected to
\nearn an additional income of $1.4 billion annually from the oil majors.
\nThe passage of the bill, according to analysts, will also provide the
\nfederal government further legal backing to pursue the $62 billion
\nentitlement that it claimed arose as a result of the failure to review
\nthe production sharing formula when oil price exceeded $20 per barrel.<\/p>\n

Before the president assented to the bill, the House had passed the
\nprovision of new Section (18), which provides that: \u201cAny person who
\nfails or neglect to comply with any obligation imposed by any provision
\nof the bill commits an offence and is liable on conviction to fine not
\nbelow N500 million or to imprisonment for a period not more than five
\nyears or both.\u201d<\/p>\n

The approval was based on the recommendations adopted in the report on
\nthe Bill for an Act to amend the Deep Offshore and Inland Basin
\nProduction Sharing Contract Act, Cap. D3 Laws of the Federation of
\nNigeria, 2004 and for other related matters. The bill had sought to
\namend the Deep Offshore and Inland Basin Production Sharing Contract
\nAct, 2004 and to make provisions for price reflective royalties,
\nperiodic review of royalties\u2019 payable in respect of Deep Offshore and
\nInland Basin Production Sharing Contracts as well as offences and
\npenalty for non-compliance. After the consideration of the report at the
\nCommittee of the Whole, the bill passed through the third reading. In
\nthe new fiscal regime as contained in the amendment to Section 5 of the
\nprincipal Act, the House approved royalties of 10 per cent in Deep
\noffshore greater than 200 water depth and 7.5 per cent in
\nfrontier\/Inland basin. The House also adopted royalty price in order to
\nallow for royalty reflectivity based on changing prices of crude oil,
\ncondensates and natural gas. This also replaces the necessity for
\nsection 16 of the principal Act.<\/p>\n

The amendment also provides a new section 17 which states that \u201cthe
\nMinister shall cause the Corporation to call for a review of the
\nProduction Sharing Contracts every eight years. \u201cThe royalty based on
\nprice shall be identical for the various water depths in Deep offshore
\n(beyond 200metres water depth) including frontier acreages for crude oil
\nand condensates. \u201cFrom $0 and up to $20 per barrel \u2013 zero per cent;
\nabove $20 and up to $60 per barrel \u2013 2.5 per cent; above $60 and up to
\n$100 per barrel \u2013four per cent; above $100 and up to $150 per barrel
\n\u2013 (eight per cent) and above $150 \u2013 10 per cent.\u201d
\nThe federal government had earlier begun moves to recover as much as $62
\nbillion from international oil companies, being backlog of its share of
\nincome from the PSC.<\/p>\n

The government was basing its action on a 2018 Supreme Court judgment
\nthat would enable the country to increase its share of income from PSC.
\nThe government accused the energy companies of failing to comply with a
\n1993 contract law requirement that the government would receive a
\ngreater share of revenue when the oil price exceeded $20 per barrel.<\/p>\n

Taxation is a means by which governments finance their expenditure by
\nimposing charges on citizens and corporate entities. Governments use
\ntaxation to encourage or discourage certain economic decisions. For
\nexample, reduction in taxable personal (or household) income by the
\namount paid as interest on home mortgage loans results in greater
\nconstruction activity, and generates more jobs. Taxation refers to
\ncompulsory or coercive money collection by a levying authority, usually
\na government. The term “taxation” applies to all types of involuntary
\nlevies, from income to capital gains to estate taxes. Though taxation
\ncan be a noun or verb, it is usually referred to as an act; the
\nresulting revenue is usually called “taxes.” Taxation is the method by
\nwhich governments finance their spending by levying charges on their
\ncitizens and business entities in order to generate revenue. In
\neconomics, taxes are divided between buyers and sellers and the tax
\nburden falls on the group that has to pay for the tax. In modern
\ncountries, taxation is involuntary and failure to pay different taxes
\ncan result in imprisonment. Government often uses taxation to encourage
\nor discourage certain economic decisions.<\/p>\n

Taxation refers to the practice of government collecting money from its
\ncitizens to pay for public services. Without taxation, there would be no
\npublic libraries or parks. One of the most frequently debated political
\ntopics is taxation. Taxation is the practice of collecting taxes (money)
\nfrom citizens based on their earnings and property. The money raised
\nfrom taxation supports the government and allows it to fund police and
\ncourts, have a military, build and maintain roads, along with many other
\nservices. Taxation is the price of being a citizen, though politicians
\nand citizens often argue about how much taxation is too little or too
\nmuch. Taxation is when governments require citizens to pay a certain
\namount of money to help fund public institutions. Taxes are used to pay
\nfor things like public education, welfare programs, transportation
\ninfrastructure, defense funds and libraries.<\/p>\n

The process whereby charges are imposed on individuals or property by
\nthe legislative branch of the federal government and by many state
\ngovernments to raise funds for public purposes. The theory that
\nunderlies taxation is that charges are imposed to support the government
\nin exchange for the general advantages and protection afforded by the
\ngovernment to the taxpayer and his or her property. The existence of
\ngovernment is a necessity that cannot continue without financial means
\nto pay its expenses; therefore, the government has the right to compel
\nall citizens and property within its limits to share its costs. The
\nstate and federal governments both have the power to impose taxes upon
\ntheir citizens.<\/p>\n

The basic concepts by which a government is meant to be guided in
\ndesigning and implementing an equitable taxation regime. These include:
\n(1) Adequacy: taxes should be just-enough to generate revenue required
\nfor provision of essential public services. (2) Broad Basing: taxes
\nshould be spread over as wide as possible section of the population, or
\nsectors of economy, to minimize the individual tax burden. (3)
\nCompatibility: taxes should be coordinated to ensure tax neutrality and
\noverall objectives of good governance. (4) Convenience: taxes should be
\nenforced in a manner that facilitates voluntary compliance to the
\nmaximum extent possible. (5) Earmarking: tax revenue from a specific
\nsource should be dedicated to a specific purpose only when there is a
\ndirect cost-and-benefit link between the tax source and the expenditure,
\nsuch as use of motor fuel tax for road maintenance. (6) Efficiency: tax
\ncollection efforts should not cost an inordinately high percentage of
\ntax revenues. (7) Equity: taxes should equally burden all individuals or
\nentities in similar economic circumstances. (8) Neutrality: taxes should
\nnot favor any one group or sector over another, and should not be
\ndesigned to interfere-with or influence individual decisions-making. (9)
\nPredictability: collection of taxes should reinforce their inevitability
\nand regularity. (10) Restricted exemptions: tax exemptions must only be
\nfor specific purposes (such as to encourage investment) and for a
\nlimited period. (11) Simplicity: tax assessment and determination should
\nbe easy to understand by an average taxpayer.<\/p>\n

Tax\u00a0 Evasion:\u00a0 Tax\u00a0 evasion\u00a0 is\u00a0 a\u00a0 deliberate\u00a0 and\u00a0 willful\u00a0 practice
\nof\u00a0 not disclosing\u00a0 full\u00a0 taxable\u00a0 income\u00a0 so\u00a0 as\u00a0 to\u00a0 pay\u00a0 less\u00a0 tax.
\nIn\u00a0 other\u00a0 words,\u00a0 it\u00a0 is\u00a0 a contravention\u00a0 of\u00a0 tax\u00a0 laws\u00a0 whereby\u00a0 a
\ntaxable\u00a0 person neglects\u00a0 to\u00a0 pay\u00a0 the\u00a0 taxdue\u00a0 or\u00a0 reduces\u00a0 tax
\nliability\u00a0 by\u00a0 making\u00a0 fraudulent\u00a0 or\u00a0 untrue\u00a0 claims\u00a0 on\u00a0 the income
\ntax form.\u00a0 Tax\u00a0 \u00a0is\u00a0 \u00a0evaded\u00a0 \u00a0through\u00a0 \u00a0different\u00a0 \u00a0methods\u00a0 \u00a0some\u00a0 \u00a0of
\nwhich\u00a0 \u00a0include\u00a0 \u00a0the following:<\/p>\n

\u2022Refusing to register with the relevant tax authority.<\/p>\n

\u2022Failure to furnish a return, statement or information or keep records
\nrequired. \u2022Making\u00a0 an\u00a0 incorrect\u00a0 return\u00a0 by\u00a0 omitting\u00a0 or
\nunderstating\u00a0 an\u00a0 income\u00a0 liable\u00a0 to tax refusing or neglecting to pay
\ntax.<\/p>\n

\u2022Overstating of expenses so as to reduce taxable profit or income,
\nwhich will also lead to payment of less tax than otherwise have been
\npaid.<\/p>\n

\u2022A taxpayer hides away totally without making any tax return at all.<\/p>\n

\u2022Entering into artificial transactions.<\/p>\n

Tax\u00a0 Avoidance:\u00a0 Tax\u00a0 avoidance\u00a0 has\u00a0 been\u00a0 defined\u00a0 as\u00a0 the
\narrangement of\u00a0 tax payers\u2019 affairs using the tax shelters in the tax
\nlaw, and avoiding tax traps in the tax laws, so as to pay\u00a0 less tax than
\nhe or she would otherwise pay. That is,\u00a0 a\u00a0 person\u00a0 pays\u00a0 less\u00a0 tax
\nthan\u00a0 he\u00a0 ought\u00a0 to\u00a0 pay\u00a0 by taking\u00a0 advantage\u00a0 of loopholes in a tax
\nlevy. Tax can be avoided in various ways:<\/p>\n

\u2022Incorporating\u00a0 the\u00a0 tax\u00a0 payer\u2019s\u00a0 sole\u00a0 proprietor\u00a0 or\u00a0 partnership
\ninto\u00a0 a\u00a0 limited liability company.<\/p>\n

\u2022The\u00a0 ability\u00a0 to\u00a0 claim\u00a0 allowances\u00a0 and\u00a0 reliefs\u00a0 that\u00a0 are
\navailable\u00a0 in\u00a0 tax\u00a0 laws\u00a0 in other to reduce the amount of income or
\nprofit to be charged to tax.<\/p>\n

\u2022Minimizing\u00a0 the\u00a0 incidence\u00a0 of\u00a0 high\u00a0 taxation\u00a0 by\u00a0 the\u00a0 acquisition
\nof\u00a0 a\u00a0 business concern which has sustained heavy loss so as to set off
\nthe loss against future profits.<\/p>\n

\u2022Minimizing tax liability by investing in capital asset (for instance
\nthrough the new\u00a0 form\u00a0 of\u00a0 corporate\u00a0 financing\u00a0 by\u00a0 equipment
\nleasing),\u00a0 and\u00a0 thus\u00a0 shelteringsome\u00a0 of\u00a0 the\u00a0 tax\u00a0 payers\u00a0 income\u00a0 from
\ntaxation\u00a0 through capital\u00a0 allowance claims.<\/p>\n

\u2022Sheltering\u00a0 part\u00a0 of\u00a0 the\u00a0 company\u2019s\u00a0 taxable\u00a0 income\u00a0 from\u00a0 income
\ntax\u00a0 by capitalizing profit through the issue of bonus shares to the
\nexisting members at the (deductible) expenses to the company.<\/p>\n

\u2022Creation\u00a0 of\u00a0 a\u00a0 trust\u00a0 settlement\u00a0 for\u00a0 the\u00a0 benefit\u00a0 of\u00a0 children
\nor\u00a0 other\u00a0 relation\u00a0 in order to manipulate the martinet tax rate such
\nthat a high income bracket tax payer reduces his tax liability.<\/p>\n

\u2022Converting\u00a0 what\u00a0 would\u00a0 ordinarily\u00a0 accrue\u00a0 to\u00a0 the\u00a0 tax payer
\n(employee)\u00a0 as income into capital\u00a0 gain\u00a0 (i.e Compensation for loss of
\noffice) the\u00a0 advantage of the employer and employee.<\/p>\n

\u2022Manipulation of charitable organizations whose affairs are controlled
\nand dominated by its founders thus taking advantage of income tax
\nexemption.\u00a0 Buying and article manufactured in Nigeria thereby avoiding
\nimport duty on imported articles.<\/p>\n

\u2022Avoiding the consumption of the articles with indirect taxes
\nincorporated in their prices e.g. tobacco.<\/p>\n

Taxation has a key role in a modern economy. Listed below are the ways
\nin which governments can use taxation in a modern economy: – Revenue
\ngeneration: – Taxation is used by the government to raise revenues for
\nits operations, infrastructure, welfare, education defense. Behavior
\nDiscouragement: – Also referred to as social engineering, the purpose of
\nthis is to discourage people from antisocial behavior and is often done
\nheavily taxing the commodity there by increasing its price. Reducing
\nInequality: – Tax money is used to serve the weaker sections of the
\nsociety through the welfare programs. Resource Redistribution: – Can be
\nused to transfer resources form one section of society to another
\nsection of the society and protecting local Industry: – Local industries
\nare normally protected by the government through the use of heavy import
\ntariffs. This makes the imported goods more expensive then the local
\ngoods and thereby encouraging the production of local goods.<\/p>\n

Therefore, the importance of taxation to the national economy cannot be
\noveremphasized, without it, it would be extremely difficult for
\ngovernment to be able to fulfill many of its obligations, therefore, the
\nnew bill which the government has just will help in no small measure to
\ncontribute to the all-round growth and development of the commonwealth
\nof the Nigerian state.<\/p><\/div>\n<\/div>\n

<\/div>\n<\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

BY JIDE AYOBOLU PRESIDENT MUHAMMADU BUHARI HAS ASSENTED TO THE BILL AMENDING THE DEEP OFFSHORE (AND INLAND BASIN PRODUCTION SHARING CONTRACT) ACT.\u00a0 THE Deep Offshore (and Inland Basin Production Sharing…<\/p>\n","protected":false},"author":1,"featured_media":69693,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-70346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles-opinions"],"yoast_head":"\nWIDENING THE REVENUE DRAGNET THROUGH THE DEEP OFFSHORE ACT - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/articles-opinions\/widening-the-revenue-dragnet-through-the-deep-offshore-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WIDENING THE REVENUE DRAGNET THROUGH THE DEEP OFFSHORE ACT - 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