16 October 2020

Part 2 of our Petroleum Industry Bill (PIB) overview series summarizes the new Fiscal Provisions of the PIB. In Part 1 (read here) we gave a detailed breakdown of the Governance provisions of the bill.

The Petroleum Industry Bill (PIB) completely overhauls the fiscal and tax framework in the Nigerian petroleum sector, with the objective of establishing a progressive fiscal framework that encourages investment in the Nigerian petroleum industry.

In Part 2, we discuss the:

  • Scope and applicability of fiscal and tax amendments
  • Administration and collection of the revenue of the Federal Government
  • Applicable fiscal changes including;
    • Royalty regime
    • Cost Recovery
    • Tax regime
    • Gas Pricing
  • Applicability of Companies Income Tax
  • Transition and stabilization provisions.

To read the full publication, please click here