FG Grants Tax Break To Music, Movie Producers, Others In Creative Industry
The Nigerian creative industry, has been granted ‘Pioneer Status’ or tax break in a landmark move aimed at transforming the industry to a creative economy and creating jobs.
This was disclosed in a statement issued in Abuja on Thursday by the Minister of Information and Culture, Lai Mohammed. According to him, the decision to grant the industry ‘Pioneer Status’ is in fulfillment of the promise made by the Acting President, Yemi Osinbajo, represented by the Minister of Finance, Kemi Adeosun, at the opening of the Creative Industry Financing Conference in Lagos 17-18 July 2017.
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.
This is coming after the Minister reportedly told Nigerian musicians and movie producers, to stop movie and music video production abroad.