Oil and gas industry stakeholders will be converging at the Conference Hall of the Nigerian Content Tower, Swali, Yenagoa, on Tuesday this week, 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).
Organised by the Nigerian Content Development and Monitoring Board (NCDMB) in conjunction with the Federal Inland Revenue Service (FIRS), the one-day workshop is intended to create 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 organizational 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 which commences at 9:30 a.m. 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.
