Emmanuel Addeh in Abuja
Oil and gas companies desirous to reduce their tax burden and grow profitability should consider increasing investments in research and development (R&D), and take advantage of the incentives provided in existing fiscal laws, the Nigerian Content Development and Monitoring Board (NCDMB) and the Federal Inland Revenue Service (FIRS) have canvassed.
The Executive Secretary, NCDMB, Simbi Wabote and the Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, spoke in Yenagoa, Bayelsa State, at a one-day Nigerian Oil and Gas Industry Suppliers’ Tax Awareness Workshop jointly organised by the two organizations at the NCDMB Conference Hall.
Delivering the keynote address at the event, the Wabote stated that the Finance Act 2021 and other extant tax codes relating to research and development provide attractive tax incentives for oil and gas firms that invest in R&D.
He hinted that many oil and gas companies were oblivious of the opportunities that exist within Nigerian tax laws for the oil industry to harness from investing in Research and Development.
In his remarks, Nami reiterated that: “Research and Development (R&D) have been identified as a veritable means for companies that want to remain competitive and profitable in today’s rapidly changing business environment.”
