The Federal Government (FG) has granted to the Nigerian creative industry, ‘Pioneer Status’ or 'Tax Break' in a move aimed at transforming the industry to a creative economy and creating jobs.
The Minister of Information and Culture, Lai Mohammed stated this via a statement on Thursday in Abuja.
The Minister revealed that the decision to grant the industry ‘Pioneer Status’ was in fulfilment of the promise made by the Acting President, Yemi Osinbajo who represented by the Minister of Finance, 'Kemi Adeosun' at the opening of the 'Creative Industry Financing Conference' in Lagos on the 17-18 July 2017.
The ‘Pioneer Status’ is granted to companies making investments in qualifying industries and products as a 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 comes after the Minister told Nigerian musicians and movie producers to stop going abroad to produce movie and music video.