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Nigeria Introduces Grace Period Over Backdated Tax Bills For Oil Shippers

OIL

Nigeria will set up a committee to reconcile tax obligations of crude oil shipping firms and introduces a grace period of six months to cover the period when a deal will be reached and additional three months for payments to be made, Zacch Adedeji, special adviser to the president on revenue said.

  • Nigeria will set up a technical committee comprising of oil sector regulators, National Petroleum Co, the Federal Inland Revenue Service and the presidency.
  • Nigeria has no plans to detain or arrest any vessel during the grace period, he added.
  • At least two oil tanker owners have been staying away from Nigeria after several companies received backdated tax bills to cover the period of 2010-2019.
  • As a result, the cost of shipping oil from Nigeria surged in most than a year earlier this month.
Energy BulletsCommodities
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