The 2019 edition of the Oil Producers Trade Section (OPTS) Tax subcommittee International conference held on 21–23 October 2019 in London, England.
The theme of the conference was “Impact of Fiscal Policy Certainty and Tax Administration Efficiencies in a Growing Economy”.
The conference came at a time of important changes to the Nigerian Oil and Gas Industry, with amendments to the Production Sharing Contract fiscal terms; development of Decommissioning, Restoration and Abandonment Regulations; Executive sponsorship of a Finance Bill with implications on taxes; and renewed discussions on advancing the Petroleum Industry Bill.
In attendance were senior figures from the Federal Inland Revenue Service (FIRS) – Mr Abiodun Aina- Coordinating Director, Domestic Tax Group/Special Advisor, ECFIRS, Gabriel Ogunjemilusi- Director, Tax Policy and Advisory Department; Frank Bawa – Deputy Manager/Office of the State Coordinator (Lagos Island); Cyriacus Chijioke Ekechi- Coordinating Director, Compliance Support Group and Rasheed Oladipo Bello- Assistant Director/Tax Controller, Oil & Gas Upstream. Nigerian Investment Promotion Commission (NIPC) was represented by Ms Yewande Sadiku, the Executive Secretary/CEO and Mr Henry Adigun of Facility for Oil Sector Transformation (FOSTER, DFID), KPMG in Nigeria, Deloitte UK, and other esteemed participants.
The conference emphasised the need for OPTS to develop a proactive multi-stakeholder approach with a view to identifying and engaging all actors who have a role to play in driving Nigeria’s fiscal and investment policies. Also reiterated was the imperative to deepen collaboration and co-creation of solutions to lingering issues within both executive and tactical levels of key public-sector organisations.
OPTS received renewed commitments from FIRS in the area of pre-engaging on proposed fiscal changes and addressing outstanding tax issues. OPTS also received assurances from NIPC to support increased competitive investment into the sector and offered its support on capacity development on oil and gas issues.
The conference provided opportunities for group networking and one-on-one engagements. Overall OPTS remained satisfied that the aims of the 2019 conference were attained and look forward to ensuring that the realised benefits are sustained and consolidated.
OPTS already began reaping the gains of the conference. OPTS received a letter requesting for information from OPTS members for the generation of dollar withholding tax receipts as promised at the conference. We attest to it that this is now a reality.
The Conference was a great success. Kudos to the Tax Subcom!