PIB’ll reduce multiple taxation in oil sector, says Sylva

The Federal Government says The Petroleum Industry Bill that is presently before the National Assembly will reduce the multiple taxation in Nigeria’s oil and gas sector, particularly in the onshore and shallow water operations.

The Minister of State for Petroleum Resources, Timipre Sylva, said the bill will address complaints by industry players concerning the level of taxation in the oil sector.

Sylva disclosed this in his presentation at the 7th Virtual Joint International Energy Forum-International Gas Union Ministerial Gas Forum, Kuala Lumpur, Malaysia, which was made available to our correspondent in Abuja on Friday by the petroleum ministry.

He said, “We are not unmindful that industry players are of the view that the current level of taxation on onshore and shallow water operations is excessive and therefore the proposed PIB should include a significant lowering of these taxes for new investments and for existing operations.

“As a government, we have identified major constraints that have delayed recent projects from reaching financial close or caused projects to be delayed and/or abandoned altogether.

The minister added, “The Petroleum Industry Bill before Nigeria’s legislative arm that we propose will, I believe, provide this new framework.”

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