The Dean, Extractive Industriels Taxation Faculty, Chartered Institute of Taxation Nigeria, CITN, Mr Afolabi Akanni-Allimi, FCTI, has called the implementation of the petroleum industry act, PIA, noting that it will enhance Nigeria’s economic development, and attract local and international investors.
Akanni-Allimi, at a webinar themed:” Legal and Regulatory Framework of the Governance Structure and Fiscal Provisions of the Petroleum Industry Act 2021, its body organized to educate members of the institute and stakeholders on the imperatives of the new regime in the oil and gas sector.
His words: “The Act is one of the most audacious attempts to overhaul the petroleum sector in Nigeria which has finally come to be after almost 20 years of its conception. If implemented conscientiously, the PIA will help to stir Nigeria’s economic development by attracting and creating investment opportunities for local and international investors. “
On the reason for the training, the Dean, Extractive Industries Taxation Faculty, CITN explained that :” As a key player in the taxation and fiscal landscape of Nigeria, the Institute is putting together this webinar to build up skills for key players in the sector.
“Discussions will bring to bear, fundamental issues in transmuting from the Petroleum Profit Tax Act (PPTA) to the PIA; critical analysis of the fiscal provisions of the Act and emerging issues; fiscal and revenue provisions in the Act, governance structure and host communities fund.
“Our presenters will discuss in detail, the major areas of the Act which includes:” Governance and Institutions ; Host Communities Development; Administration and Fiscal Framework.
“The Institute intends to go further to harness the rich content of this training as ready reference material for members and other key players in the Industry. ” Akanni-Allimi stated.
The Dean, Extractive Industriels Taxation Faculty, CITN, reiterated that the seminar was in line with the vision of the Institute president, Mr. Adesina Adebayo to abreast Nigerians of current developments in tax and fiscal policy areas in Nigeria.
