The Nigerian Content Development and Monitoring Board (NCDMB) and the Federal Inland Revenue Service (FIRS) have urged oil and gas companies to increase their investments in research and development (R&D) in order to benefit from the incentives provided in existing fiscal laws. The agencies said the provision is aimed at boosting the profitability of oil firms and reducing their tax burden.
The Nigerian Content Development and Monitoring Board and the Federal Inland Revenue Service have urged oil and gas companies to increase their investments in research and development in order to benefit from the incentives provided in existing fiscal laws.
Delivering the keynote address at the event, Wabote said that the Finance Act 2021 and other extant tax codes relating to R&D provide attractive tax incentives for oil and gas firms that invest in R&D. He observed that the low level of R&D funding by private companies is partly linked to inadequate information.
Speaking further, the NCDMB boss expressed hope that the workshop will change the gross underfunding of research in Nigeria, which is currently estimated at less than 0.2 per cent of the national budget. Wabote hinted that the Board is “pushing for similar performance in Research and Development by sharpening our focus on the various elements that will enable the growth and appreciable impact of research and development in our economy.”
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