TAX BREAK FOR THE NIGERIAN CREATIVE INDUSTRY IS HERE

In past entertainment conferences, I have raised the issue of tax break for entertainment entrepreneurs/businesses. Now, it is a reality.

In a statement issued and signed by the Minister of Information and Culture, Lai Mohammed, the  Nigerian creative industry would get pioneer status.

The ‘Pioneer Status’ is granted to companies making investments in qualifying industries and products as tax holiday, from the payment of corporate income tax and withholding tax on dividend from pioneer profits for an initial period of three years, extendable for one or two additional years. 

The minister said,

"We are determined to do more for the creative industry in order to allow the creative talents of our youths to blossom, create massive jobs and position Nigeria as a global hub for the industry.''

The Minister said the move was made in fulfillment of a promise made at the Creative Industry Financing Conference in Lagos 17-18 July 2017, by the Acting President, Yemi Osinbajo, who was represented by the Minister of Finance, Kemi Adeosun, at the opening event.

Lai said the FG was doing its best to tackle the key issues raised by participants at the Creative Industry Financing Conference such as granting ‘Pioneer Status’ to the creative industry as well as tackling piracy of creative works.

He further said,

''It is a measure of the increasing importance attached to the industry by the federal government that these issues are now being handled with utmost urgency. 

First, the ‘Pioneer Status’ has been granted within three weeks of the conclusion of the conference. Secondly, an Anti-Piracy Committee, comprising representatives of the Federal Ministry of Information and Culture, industry stakeholders and the police, has been set up to work out the modality for tackling piracy in a lasting and sustainable manner.''