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Thursday, 3 August 2017

FG grants tax break to music, movie producers, others in creative industry


The Federal Government has granted “Pioneer Status” to the creative industry, in an attempt to transform the industry, creating jobs in the process.

In a statement issued in Abuja on Thursday, the Minister of Information and Culture, Lai Mohammed, said the decision to grant the industry ‘Pioneer Status’ is in fulfilment of the promise made by Acting President Yemi Osinbajo, represented by the Minister of Finance, Kemi Adeosun, at the opening of the Creative Industry Financing Conference in Lagos  July 17-18 2017, Premium Times reports.

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 ‘Pioneer Status’ for the Creative Industry covers music production, publishing and distribution (including online digital distribution); Photography; Production and post-production of digital content for motion pictures, videos, television programmes, commercials, distribution and exhibition (digital movies, animation, videos, tv programmes and commercials); Publishing of books (copyrighted books) and development and Publishing of ready-made software (operating systems, software applications and computer games).

“This is a shot in the arm for the Creative Industry, and it will definitely catalyse investments in the industry. It is also the answer to our quest to spur the establishment of world class studios in Nigeria for production and post-production of movies and music videos,” the minister said.

He said the need to grant ‘Pioneer Status’ to the creative industry as well as tackle the piracy of creative works were among the key issues raised by participants at the Creative Industry Financing Conference.

“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,” Mohammed said.




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