Oil and gas companies desirous to reduce their tax burden and grow profitability should consider increasing investments in research and development (R&D), with a view to taking 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, Engr. Simbi Wabote and the Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami stated this in Yenagoa, Bayelsa State, at the one-day Nigerian Oil and Gas Industry Suppliers’ Tax Awareness Workshop jointly organized by the two organizations at the NCDMB Conference Hall.
