NNPLC withheld $262.6 million tax due to FIRS

NNPLC withheld $262.6 million tax due to FIRS …C0NTINUE READING HERE >>>

The Nigerian Petroleum Company Limited has withheld the sum of $262.6 million in taxes due to the Federal Inland Revenue.

This is according to a report from a Federation Allocation Account Committee Post-Mortem Sub-Committee (PMSC) meeting held in August 2024.

Accordingly, the deducted $262.6 million is as part of the Road Infrastructure Tax Credit Scheme (RITCS).

The report noted that NNPCL made monthly deductions of $52.51 million from the amount due to FIRS for Joint Venture, JV Gas,…

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