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The Impact of Petroleum Industry Act on Corporate Social Responsibility and Taxation in Nigeria's Upstream Oil and Gas Sector: A Path towards Sustainable Development
Isallah, H. The Impact of the Petroleum Industry Act on Corporate Social Responsibility and Taxation in Nigeria’s Upstream Oil and Gas Sector: A Path towards Sustainable Development. Sustainability2023, 15, 15538.
Isallah, H. The Impact of the Petroleum Industry Act on Corporate Social Responsibility and Taxation in Nigeria’s Upstream Oil and Gas Sector: A Path towards Sustainable Development. Sustainability 2023, 15, 15538.
Isallah, H. The Impact of the Petroleum Industry Act on Corporate Social Responsibility and Taxation in Nigeria’s Upstream Oil and Gas Sector: A Path towards Sustainable Development. Sustainability2023, 15, 15538.
Isallah, H. The Impact of the Petroleum Industry Act on Corporate Social Responsibility and Taxation in Nigeria’s Upstream Oil and Gas Sector: A Path towards Sustainable Development. Sustainability 2023, 15, 15538.
Abstract
Nigeria's upstream oil and gas sector is extensively contributing to the economic growth of the country, but the sector is plagued with challenges around corporate social responsibility (CSR) and taxation practices. Petroleum Industry Act (PIA) is introduced to tackle these challenges towards promoting sustainable development in Nigeria. The aim of this study is to explore the PIA’s provisions on CSR and taxation, identify the Act’s implementation challenges and improvement opportunities, propose an integrated framework for monitoring and evaluating the PIA’s impact on CSR and taxation over time, and recommend measures for enhancing PIA’s impact on CSR and taxation support for sustainable development in Nigeria's upstream oil and gas sector. This study adopts the qualitative desk review method to analyze existent literature, reports, and documents regarding PIA’s provisions on CSR and taxation. Findings reveal that the PIA’s provisions greatly emphasize CSR initiatives and taxation transparency in improving responsible ethical business behaviour. An integrated framework for monitoring and evaluating PIA’s impact over time is developed. This study concludes that the PIA's provisions can balance CSR and taxation practices for sustainable development. The study’s recommendations include using the integrated framework as a structured strategy for monitoring and evaluating the PIA’s impact. This study contributes to the discussion on the imperatives of ethical business practices and regulatory frameworks for sustainable development drive in the oil and gas sector.
Keywords
corporate social responsibility; taxation; petroleum industry act; sustainable development; upstream oil and gas sector; integrated framework; Nigeria
Subject
Business, Economics and Management, Accounting and Taxation
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
