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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FEDERAL INLAND REVENUE. SERVICE” tom 
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INFORMATION CIRCULAR 
NO:2024/01 
PUBLICATION DATE: 19" APRIL, 2024 
Subject: GUIDELINE ON THE APPLICABILITY OF THE GAS TAX CREDITS AND 
ALLOWANCES FOR NON-ASSOCIATED GAS GREENFIELD DEVELOPMENT 
Background 
This guideline is issued for the information and guidance of relevant taxpayers, tax. 
practitioners anttthe general public On the implementation of the Gas Tax Credits 
and Allowancés for Non-Associated’ Gas ,(NAG) 
Greenfield Development 
in 
onshore-and ‘shallow water locations. 
1.0Intréduction 
~*~ 
* 
+ 
In 
a 
bid 
to 
attract new 
investments: for Non-associated 
Gas 
Greenfield 
Development 
in onshore and shallow waters, the President of the Federal 
Republic of Nigeria signed an Executive Order (No 40) titled “Oil and Gas 
Companies 
(Tax 
incentives, 
Exemption, 
Remission, 
etc.) 
Order, 
2024”. 
Consequently, this guidance 
is issued in order to clarify the implementation 
of the incentive regime. 
2.0 Scopé of the Guidelines 
This guidance applies to companies holding: licences or leases for greenfield 
development 
of Non-Associated 
Gas (NAG) 
in 
onshore 
and 
shallow water 
locations. 
3.0 Legal Framework 
a 
The guideline is issued pursuant to the provisions of: *4. 
a. Executive 
Order 
No 
40 
on 
Oil 
and 
Gas Companies (Tax 
incentivés, 
Exemption, Remission, etc.) Order, 2024 (Order 40); 
. 
“ oe 
b. 
Sections 23 (2) and 89 of Companies: lacome Tax Act, Cap:€21, LFN 
2004: 
as amended (CITA). 
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