The Nigeria Revenue Service has called on content creators and other professionals in the creative industry to formally register their businesses and maintain proper financial records to benefit from available tax incentives.

The agency made the recommendation during a tax policy discussion at the ongoing Creative Africa Nexus Weekend 2026 in Lagos.

An Assistant Director in the NRS Field Operation Monitoring Department, Simeon Onyegbula, said creators should obtain tax identification numbers, register their businesses and maintain accurate records of their financial transactions.

He explained that proper documentation, including invoices, receipts and financial statements, would help business owners establish their actual taxable profits and determine which expenses qualify for tax deductions.

Another NRS official, Kazeem Lawal, warned that creators who operate entirely through personal bank accounts could limit their opportunities to secure corporate contracts, attract investors and expand their businesses.

The agency also explained that eligible investments in certain sectors, including the creative industry, could qualify for a five per cent tax credit on capital expenditure of at least ₦250 million.

It further outlined provisions under which qualifying small businesses with annual turnover not exceeding ₦100 million and fixed assets below ₦250 million could enjoy zero company income tax and exemption from the four per cent development levy.

The NRS also announced plans to establish an Investment and Tax Advisory Hub and a Creative Economy Tax and Investment Initiative to provide guidance to entrepreneurs.

The agency said the move was intended to make tax compliance easier while helping creative businesses access investment opportunities and grow beyond individual operations.

Source: Punch Newspapers.