Most oil-exporting countries go to great lengths to keep their tax policies secret. However, a great deal of information about OPEC member Nigeria's oil-tax policy can be found at http://www.mbendi.co.za/werksmns/lexaf/busni.htm, "Doing Business in Nigeria." When you reach the page, do a word search, and find "Petroleum profits tax is payable at the tax rate of 85 percent for all companies."
An 85 percent tax rate is the norm for OPEC countries. BP, ChevronTexaco, Conoco, Deminex, ENI/Agip, ExxonMobil, Petrobras, Royal Dutch/Shell, Statoil, Sun Oil, Tenneco and TotalFinaElf all pay them.
A complete list of oil companies paying taxes to Nigeria can be found at http://www.eia.doe.gov/emeu/cabs/nigeria.html.
If 85 percent does not stop major oil company involvement in Nigeria, what is our governor or legislature going to do about our pitiful miniscule tax rates? Give away our resource wealth but raid the PFD?
Hmmm! not a bad solution at all to our financial dilemma. Do you agree?
John J. Kiernan