NCDMB, FIRS hosts tax workshop for oil, gas industry

Stakeholders in the nation oil and gas industry will on Tuesday converge in Yenagoa, Bayelsa State capital for a tax awareness workshop based on provisions of Nigeria’s Finance Act 2021 and other extant tax codes relating to research and development (R&D). The workshop, put together by the Nigerian Content Development and Monitoring Board (NCDMB) in conjunction with the Federal Inland Revenue Service(FIRS) is intended to create awareness of tax incentives available to Nigerian companies that invest in research and development. The one day workshop is billed to hold at the Conference Hall of the Nigerian Content Tower, Swali, Yenagoa.

 A statement by the organisers of the programme reads, “Over the years, operational records show that organisations that invest in R&D outperform their competitors in acquisition of appropriate technology, project delivery excellence and overall organisational capability, including job creation potentials. “NCDMB has consequently prioritised promotion of R&D culture among local oil and gas suppliers as one of the pillars of its supplier development interventions. The workshop will have the Executive Secretary, NCDMB, Engr. Simbi Kesiye Wabote, as keynote speaker, while FIRS Executive Chairman Mr. Muhammad Nami is to deliver a special address. NCDMB’s Director of Planning, Research and Statistics, Mr. Daziba Patrick Obah, is scheduled to present a welcome address.

“Among highlights are a presentation entitled “Provisions of NOVICD Act on R&D, R&D Operating Model and Imperatives for Success” to be delivered by Mr. Abdulmalik Halilu, General Manager, Research Statistics and Development (RSDD), NCDMB, and another entitled “Royalty Potentials from R&D Investment” by Mr. Ayo Akinduyite, an Associate Director, PWC Tax Line of Service. Three panel sessions are also scheduled for the day.”