The Nigeria Revenue Service (NRS) has called on content creators and other stakeholders in the creative industry to formalise their businesses by registering with the appropriate authorities, obtaining tax identification numbers, and maintaining proper financial records to benefit from available tax incentives and investment opportunities.
The appeal was made during a tax policy session at the ongoing Creative Africa Nexus Weekend 2026 in Lagos, where NRS officials highlighted the role of recent tax reforms in supporting business growth, encouraging compliance, and attracting investment into the creative sector.
Speaking at the event, Assistant Director in the NRS Field Operation Monitoring Department, Simeon Onyegbula, emphasised that business registration and proper bookkeeping are essential for entrepreneurs seeking to enjoy tax reliefs and other benefits.
He advised creators to keep detailed financial records, including invoices, receipts and ledgers, noting that such documentation is necessary for determining taxable profits and validating business expenses.
According to Onyegbula, personal expenses cannot be deducted as business costs unless they meet the requirements outlined in tax laws.
Also speaking, Assistant Director of Tax at the NRS, Kazeem Lawal, said many creators with substantial earnings from digital platforms could be limiting their business potential by operating solely through personal bank accounts without structured records.
Lawal explained that formalisation creates a pathway to sustainable growth by giving businesses a distinct legal identity, boosting credibility, and improving access to corporate contracts and investment opportunities. He added that registered businesses are better positioned to outlive their founders and remain viable in the long term.
On VAT obligations, he clarified that while small businesses are exempt from certain VAT collection responsibilities, they may still pay VAT on eligible purchases. He further noted that taxpayers who are incorrectly charged VAT can seek refunds within 30 days without first undergoing an audit.
The Director of Government Business South Directorate at the NRS, Mustapha Akaje, outlined several tax incentives available to qualifying businesses. He disclosed that eligible investments in sectors such as the creative industry could attract a five per cent tax credit on capital expenditure valued at N250 million or more.
Akaje also stated that companies with annual turnover of up to N100 million and fixed assets below N250 million may qualify for zero company income tax and exemption from the four per cent development levy.
He highlighted additional incentives covering startups, research and development activities, foreign-source income, overseas tax credits and export-oriented enterprises operating within free trade zones. According to him, free-zone businesses must export at least 75 per cent of their products or services to qualify for specific exemptions.
The official added that although small businesses no longer require separate exemption certificates, they must continue filing tax returns to demonstrate eligibility for available reliefs.
Meanwhile, NRS Executive Director of Finance and Corporate Services, Mohammed Abubakar, cautioned that relief from international double taxation is not automatic. He explained that eligibility depends on existing tax agreements between Nigeria and other countries, as well as the taxpayer’s country of residence.
Abubakar called for greater efforts to simplify tax regulations for entrepreneurs in the creative industry.
In his remarks, Executive Director of People, Stakeholders and Communication, Obinna Ihedioha, announced the creation of an NRS Investment and Tax Advisory Hub alongside a Creative Economy Tax and Investment Initiative.
He said the platforms would provide guidance on business registration, tax incentives, investment opportunities and compliance requirements, while also strengthening engagement between government agencies and creative entrepreneurs.
Ihedioha noted that uncertainty remains one of the biggest barriers to formalisation, citing the example of a creative entrepreneur who was reluctant to regularise tax obligations after operating for two years without filing returns.
He maintained that more entrepreneurs would embrace the formal economy if registration offered clear advantages such as access to financing, contracts, new markets and intellectual property protection.
According to him, the new initiatives will support tax education, investment facilitation, business formalisation and policy dialogue, while also helping transform Nigeria’s creative talent into sustainable enterprises capable of generating jobs and economic growth.
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