NRS Encourages Content Creators to Formalise Businesses, Access Tax Incentives

The Nigeria Revenue Service (NRS) has referred to as on content material creators and different stakeholders within the inventive trade to formalise their companies by registering with the suitable authorities, acquiring tax identification numbers, and sustaining correct monetary information to learn from accessible tax incentives and funding alternatives.

The attraction was made throughout a tax coverage session on the ongoing Creative Africa Nexus Weekend 2026 in Lagos, the place NRS officers highlighted the position of current tax reforms in supporting enterprise progress, encouraging compliance, and attracting funding into the inventive sector.

Speaking on the occasion, Assistant Director within the NRS Field Operation Monitoring Department, Simeon Onyegbula, emphasised that enterprise registration and correct bookkeeping are important for entrepreneurs in search of to take pleasure in tax reliefs and different advantages.

He suggested creators to maintain detailed monetary information, together with invoices, receipts and ledgers, noting that such documentation is critical for figuring out taxable earnings and validating enterprise bills.

According to Onyegbula, private bills can’t be deducted as enterprise prices except they meet the necessities outlined in tax legal guidelines.

Also talking, Assistant Director of Tax on the NRS, Kazeem Lawal, stated many creators with substantial earnings from digital platforms may very well be limiting their enterprise potential by working solely by private financial institution accounts with out structured information.

Lawal defined that formalisation creates a pathway to sustainable progress by giving companies a definite authorized identification, boosting credibility, and enhancing entry to company contracts and funding alternatives. He added that registered companies are higher positioned to survive their founders and stay viable in the long run.

On VAT obligations, he clarified that whereas small companies are exempt from sure VAT assortment obligations, they might nonetheless pay VAT on eligible purchases. He additional famous that taxpayers who’re incorrectly charged VAT can search refunds inside 30 days with out first present process an audit.

The Director of Government Business South Directorate on the NRS, Mustapha Akaje, outlined a number of tax incentives accessible to qualifying companies. He disclosed that eligible investments in sectors such because the inventive trade may entice a 5 per cent tax credit score on capital expenditure valued at N250 million or extra.

Akaje additionally acknowledged that firms with annual turnover of as much as N100 million and glued belongings beneath N250 million could qualify for zero firm revenue tax and exemption from the 4 per cent improvement levy.

He highlighted further incentives protecting startups, analysis and improvement actions, foreign-source revenue, abroad tax credit and export-oriented enterprises working inside free commerce zones. According to him, free-zone companies should export not less than 75 per cent of their services or products to qualify for particular exemptions.

The official added that though small companies now not require separate exemption certificates, they need to proceed submitting tax returns to display eligibility for accessible reliefs.

Meanwhile, NRS Executive Director of Finance and Corporate Services, Mohammed Abubakar, cautioned that reduction from worldwide double taxation will not be computerized. He defined that eligibility relies on current tax agreements between Nigeria and different nations, in addition to the taxpayer’s nation of residence.

Abubakar referred to as for larger efforts to simplify tax rules for entrepreneurs within the inventive trade.

In his remarks, Executive Director of People, Stakeholders and Communication, Obinna Ihedioha, introduced the creation of an NRS Investment and Tax Advisory Hub alongside a Creative Economy Tax and Investment Initiative.

He stated the platforms would supply steerage on enterprise registration, tax incentives, funding alternatives and compliance necessities, whereas additionally strengthening engagement between authorities companies and artistic entrepreneurs.

Ihedioha famous that uncertainty stays one of many largest boundaries to formalisation, citing the instance of a inventive entrepreneur who was reluctant to regularise tax obligations after working for 2 years with out submitting returns.

He maintained that extra entrepreneurs would embrace the formal financial system if registration provided clear benefits resembling entry to financing, contracts, new markets and mental property safety.

According to him, the brand new initiatives will help tax training, funding facilitation, enterprise formalisation and coverage dialogue, whereas additionally serving to rework Nigeria’s inventive expertise into sustainable enterprises able to producing jobs and financial progress.

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