The Nigeria Revenue Service has urged Nigerian content creators and creative industry operators to register their businesses, get tax identification numbers, and maintain clear books to benefit from tax reliefs and investment opportunities.
Tax officials shared these recommendations on Thursday during a session at the Creative Africa Nexus Weekend in Lagos, according to Punch. Officials explained that following tax reforms will help creative practitioners expand operations, boost compliance, and draw funding.
Speaking on a panel, Simeon Onyegbula, an assistant director in the agency's field operation monitoring department, noted that formalising operations and keeping accurate documents are required to claim tax benefits. He stressed that creators must keep receipts, invoices, and ledgers to prove operational costs, warning that personal spending cannot be counted as business expenses.
Another assistant director at the service, Kazeem Lawal, cautioned that internet personalities and digital creators making huge sums through online platforms limit themselves by depending entirely on private bank accounts. He explained that setting up a formal business establishes credibility, helps founders land corporate deals, attracts outside investors, and lets enterprises survive long term. Lawal added that wrongly charged value-added tax can be refunded within 30 days without an audit.
Detailing specific perks, Mustapha Akaje, director of the agency's southern government business directorate, said creative investments of at least N250 million in qualified capital spending can receive a five per cent tax credit. He noted that small enterprises with annual turnover of N100 million or less and fixed assets under N250 million qualify for zero company income tax and are exempt from the four per cent development levy. These businesses no longer need special exemption certificates, though they must still file annual tax returns.
Additionally, the agency's executive director of finance and corporate services, Mohammed Abubakar, explained that relief from double taxation abroad is not automatic and relies on bilateral agreements and residency rules.
To bridge the knowledge gap, Obinna Ihedioha, executive director of people, stakeholders and communication at the revenue service, announced the launch of an Investment and Tax Advisory Hub alongside a Creative Economy Tax and Investment Initiative. He stated that these platforms will offer direct guidance to entrepreneurs on formalisation, financing, and regulatory compliance.
