Nigerian music and movie industry get tax holiday from FG

Posted on August 04 2017 , at 09:37 am
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  • It comes in fulfilment of a promise made earlier to the industry.

Information Minister, Lai Mohammed

The Federal Government through the Ministry of Information and Culture has granted tax holidays to the country’s creative industry.

This comes in fulfilment of a promise made earlier by the government and is hoped would transform the industry and help in creating jobs.

READ: ‘FG not joking about fighting piracy’ – Lai Mohammed

In a statement issued and signed by the Minister of Information and Culture, Lai Mohammed, 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.

‘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.

He added that the need to grant the status to the sector and tackle the piracy of creative works were among the key issues raised by participants at the Creative Industry Financing Conference.

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‘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,’ he said.

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