P
ProfRem
Guest
The federal government has granted ‘Pioneer Status’ to the creative industry, in a landmark move aimed at transforming the industry to a creative economy and creating jobs.
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 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.
It covers for the following industries:
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).
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.
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 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.
It covers for the following industries:
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).
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.
