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FG Grants Tax Holiday To Producers In Entertainment Industry

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FG Grants Tax Holiday To Producers In Entertainment Industry

 

The Federal Government in a bid to transform the creative industry has granted tax break to all content providers in the entertainment industry.

Tagged Pioneer Status, it is aimed at transforming the industry by creating more jobs and boosting the economy.

This new decision was announced in Abuja by the Information Minister, Alhaji Lai Mohammed. He disclosed that the pioneer status was a promise made by Acting President, Professor Yemi Osinbajo at the opening of the Creative Industry Financing Conference held in Lagos earlier in July.

The Pioneer Status is granted by Government to exempt companies from paying taxes for a particular period as they make profits. The companies are granted tax holiday from payment of corporate income tax and witholding tax on dividend from pioneer profits for a specific period of years.

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