NCDMB, FIRS to host Tax Awareness workshop for Oil Industry

From Femi Folaranmi, Yenagoa

Stakeholders in Oil and gas industry will on Tuesday converge at the Conference Hall of the Nigerian Content Tower, Swali, Yenagoa, on Tuesday, 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 one-day workshop organised by the Nigerian Content Development and Monitoring Board (NCDMB) in conjunction with the Federal Inland Revenue Service (FIRS), is geared towards creating awareness of tax incentives available to Nigerian companies that invest in research and development.

“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 organisation capability, including job creation potentials. NCBMB has consequently prioritised    promotion of R&D culture among local oil and gas suppliers as one of the pillars of its supplier development interventions,” NCDMB Corporate Communications department stated.

The  Executive Secretary, NCDMB, Engr. Simbi Kesiye Wabote is slated to be the 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.