Section 17: Substitution for Section 30

Substitute for section 30 of the Principal Act, a new section “30” -
“30. (1) Every company engaged in petroleum operations shall for each accounting period of the company make up accounts of its profits or losses and prepare the following particulars for the purpose of determining Petroleum Profits Tax -
(a) a statement of accounts of its profits or losses;
(b) computation of its actual adjusted profit or loss and actual assessable profits of that period;
(c) in connection with the Second Schedule to this Act, a schedule showing -
(i) the residues at the end of that period in respect of its assets,
(ii) all qualifying petroleum expenditure incurred by it in that period,
(iii) the values of any of its assets disposed of in that period, and
(iv) the allowances due to it under that schedule for that period;
(d) a computation of its actual chargeable profits of that period;
(e) a statement of amounts repaid, refunded, waived or released to it, referred to in section 10 (2) of this Act, during that period;
(f) duly completed self- assessment form attested to by the principal officer of the company; and
(g) evidence of payment of the final instalment.
(2) Every company engaged in petroleum operations shall with respect to any accounting period of the company and within five months after the expiration of that period, deliver to the Service a copy of its accounts, bearing an auditor's certificate, of that period, in accordance with the provisions of subsection (1) of this section and copies of the particulars referred to in subsection (1) of this section relating to that period with the copy of the delivered company accounts and each copy of those particulars, shall contain a declaration signed by authorised officer of the company or by its liquidator, receiver or the agent of the liquidator or receiver, that the same is true and complete.
(3) Notwithstanding the provisions of this section, every company which is yet to commence bulk sales or disposal of chargeable oil, shall file with the Service its audited accounts and returns -
(a) within 18 months from the date of its incorporation, in the case of a newly incorporated company; and
(b) within five months after any period ending on 31st December of the following year, in the case of any other company, provided that where there is an interval between 31st December of the preceding year and the date on which the company commences the bulk sale or disposal of chargeable oil or condensate, the interval shall be deemed to form part of the preceding period.
(4) A company which fails to comply with the provisions of subsection (2) or (3) of this section is liable to pay as penalty for late filing -
(a) N10,000,000 on the first day the failure occurs and N2,000,000 for each and every subsequent day in which the failure continues; or
(b) other sum as may be prescribed by the Minister of Finance by order published in the Federal Government Gazette.”