Library / Implementation Guidelines for the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, 2024.

Implementation Guidelines for the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, 2024.

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9.0 Filing of Separate Tax Computation. 
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Companies who are eligible for this incentive arenot efttitled to claim; the ASSociated 
Gas Framework Agreement (AGFA) incentive for.t e&ame-greenfi idld NAG project, 
hence, such company is required to file separate taycomputations for thes greenfield 
NAG project. 
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10.0 Restriction: 
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Gas Tax Credit (GTC) can only be claimed by a company that achieved first gas 
production on or before 18 January 2029 and for 
a maximum period of 10 years, 
provided that the hydrocarbon liquid content does.not exceed 100 barrels per Million 
SCF. 
Similarly, the Gas Tax Allowance (GTA) can only be ‘claimed by a company that 
achieved first- commercial gas production after 1st January 2029, provided that the 
hydrocarbon liquid content does not exceed 100 barrels per Million SCF. 
11.0 Transition from Gas Tax Credit (GTC) to Gas Tax Allowance (GTA): 
Companies grarited:Gas Tax Credit-in Greenfi eld development may be eligible to 
Gas Tax Allowance after the expiration” of 10 years, subject to the restriction 
provided in paragraph 10.0 above. 
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12.0 CommencementDate: 
. 
The commencement date of this Guidance’. is 28th day of February, 2024 
13.0 Amendment or Revision of the Guidance 
The Service may, at any time, withdraw or replace this Guidance or publish an 
amended or updated version. 
14.0 Enquiries 
Any request for further information or clarifications on this Guidance should be 
directed to the: 
Executive Chairman, 
Federal Inland Revenue Service, 
Revenue House, 
20, Sokode Crescent, 
Wuse Zone 5, Abuja. 
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, 
Director, Tax Policy and Advisory Department, 
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Federal Inland Revenue Service, 
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Revenue House Annex 4,