President Tinubu's Promise to Address Taxation in the Creative Sector Takes Off

President Bola Ahmed Tinubu GCFR made a promise during his campaign to “revise the tax regime applicable to the creative sector to better incentivise local production and attract foreign producers to Nigeria.”

 Actualisation of this is important for Nigeria's economic development and diversification. Through this, the government can encourage more investment, innovation, and job creation in the creative industries, such as film, music, fashion, and digital media. This can also boost the quality and competitiveness of Nigerian creative products in the global market. Moreover, by attracting foreign producers to Nigeria, the government can increase the inflow of foreign exchange, technology transfer, and cultural exchange, as well as enhance the country's image and reputation as a creative hub. 

 President Tinubu signed four executive orders in July 2023 to address the issues of multiple taxation and ease of doing business. One of the executive orders suspended the five per cent excise tax on telecommunication services as well as the excise duty escalation on locally manufactured products. The President also appointed a renowned tax expert, Taiwo Oyedele, to head a Presidential Committee on Fiscal Policy and Tax Reforms. The committee is tasked with aligning various aspects of tax law, fiscal policy design and coordination, harmonisation of taxes and revenue administration to improve the ease of doing business.

 The business community, especially the digital and creative industries, have welcomed the President's vision and expressed hope for a more conducive environment for growth and innovation.

 This is a step forward to fulfilling the promise of revising the tax regime applicable to the creative sector. We therefore rate this promise as In the Works.

REFERENCES

1. Tinubu signs four Executive Orders to curb multiple taxation. https://radionigeria.gov.ng/2023/07/06/tinubu-signs-four-executive-orders-to-curb-multiple-taxation/

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2. The business community, especially the digital and creative industries, have welcomed the President's vision and expressed hope for a more conducive environment for growth and innovation. https://www.forbesafrica.com/current-affairs/2023/07/20/nigerians-hopeful-for-president-tinubus-focus-on-digital-and-creative-economies/

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3. The President also appointed a renowned tax expert, Taiwo Oyedele, to head a Presidential Committee on Fiscal Policy and Tax Reforms. https://guardian.ng/business-services/cautious-optimism-as-tinubus-tax-regime-takes-off/

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