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    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

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Lagos Producers To Pay 5% Tax On Every Audio/Visual Media Content

by Julius Afolalu
August 13, 2020
in Lagos News, Entertainment
Reading Time: 2 mins read
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Lagos Producers To Pay 5% Tax On Every Audio/Visual Media Content
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The Lagos State Film and Video Censors Board (LSFVCB) has issued a 30-day notice on content producers in Nigeria to duly register their contents with the body.

According to the board’s Executive Secretary, Mr. Bamidele Balogun, the content makers are also required to pay a five percent levy on each content.

He said, “The board will advise practitioners involved in production, sale, distribution of audio and visual products to register their products through the board’s authorised agent within 30 days.

“Practitioners and stakeholders are also informed that henceforth, all audio and visual contents produced and sold within Lagos State shall attract the payment of five per cent levy on each item.

“This exercise will, however, assist the Lagos State Government in policy formulation, with regard to planning and funding for the sector,” he said.

Balogun appealed for cooperation from the producers, adding that violators of the registration would face severe sanctions by the board.

“All practitioners and stakeholders in the entertainment sector within the state are advised to comply with this directive and cooperate with the authorised agent of the board,” he said.

Also, Mr Obiora Osokolo, Head of Consulting for the auditing firm, SIAO Partners, the initiative would create an enabling environment for the state government to adequately fund the entertainment industry and improve lives of the practitioners.

“I am encouraging producers and others in the entertainment industry to take advantage of this opening and key in to the platform, as it will be to their benefits,” he said.

Osokolo, however, lauded the Lagos State Government for the initiative, describing it as a good development in the right direction for the entertainment industry and stakeholders.

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