Reps probe AGIP Oil over tax evasion

Agency Report
Agency Report

The House of Representatives ad hoc committee on Joint Venture on Wednesday quizzed the Nigerian Agip Oil Company Ltd over alleged tax evasion.

The Chairman ad hoc Committee investigating the Structure and Accountability of JV Business and Production Sharing Contracts of the NNPC, Rep. Abubakar Fulata, said it was not out to witch-hunt anybody.

He added that it would be unfair for oil companies to evade taxes at a time the country was borrowing to fund the budget.

He said almost all the oil companies in the country had no Certificate of Acceptance of Fixed Assets yet they had been enjoying capital allowance claims in violation of the nation’s law.

The committee said the oil companies did not have the right to choose the law there would, adding that ignorance of the law could not in any way be absolved.

The committee asked the representative of Agip if in the course of operations they had not short-changed the nation by way of profit tax and capital allowance

The representatives of Agip which was led by Director, and General Manager, Public Affairs, Mr. Barry Nwibani, said over the years they relied only on Petroleum Tax Act for payment of taxes.

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *