Creative industry gets ‘pioneer status’

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 recently, the Minister of Information and Culture, Alhaji Lai Mohammed, said the decision to grant the industry ‘Pioneer Status’ is in fulfillment of the promise made by the Acting President, Prof. Yemi Osinbajo, represented by the Minister of Finance, Mrs. 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.

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 programs, commercials, distribution and exhibition (digital movies, animation, videos, TV programs and commercials); Publishing of books (copyrighted books) and development and Publishing of ready-made software (operating systems, software applications and computer games).

 

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