Entertainers L-R: Dare Art Alade, Kcee, Falz and Executive Chairman of FIRS at Entertainment and Tax Event in Lagos on Thursday
Entertainment has taken over as Nigeria’s greatest export, says Fowler
Entertainment Industry has blossomed in Nigeria, from nowhere some years back, today contributing 2.3 percent to Nigeria’s Gross Domestic Product (GDP). The Chairman, African Tax Administration Forum (ATAF) and Chairman of Nigeria’s tax revenue authority, the Federal Inland Revenue Service (FIRS) Tunde Fowler last night said Entertainment has taken over from oil, as the country’s biggest and most acceptable export.
Fowler said the Federal Government could not afford to overlook a promising sector like the Entertainers sector in Nigeria, because, according to him, any investment in the Entertainment sector today will yield multiple fold in the recent future.
Fowler said the economic prospects and promises in sector has encouraged the FIRS to continue supporting the sector.
“Our fastest export from Nigeria and one of our most acceptable exports regardless of destination is our Entertainment. Today, Nigeria’s Entertainment sector contributes 2.3 percent to the GDP. What that means is that tax revenue from that sector will be growing. Any investment we make today in the entertainment sector will surely yield multiple fruits in years to come. I like what the Lagos State Government is doing to encourage the sector; Cross River State has just hosted her 2017 Carnival and Akwa Ibom State just concluded her beauty pageant. That shows that Nigeria is showing a lot of support for Entrainment sector.
The Federal Government has also seen the potential in the sector in the Economic Recovery and Growth Plan .
Fowler said it is not true that operators of the entertainment industry in Nigeria do not pay taxes. He said there are evidence to show that entertainers pay taxes, adding that FIRS would not have been supporting any sector found wanting in tax compliance.
“Entertainers are tax abiding. They pay their taxes and we do all we could do to encourage the sector. Suggestions that entertainers do not pay taxes are unfounded. We in FIRS cannot put our money where people are not pay taxes.
Fowler urged the entertainers to use their platforms to preach taxation to as many people that are exposed to their shows and messages.