FIRS Speaks on Plans to Tax Sabinus, Taooma, Skit Makers, Other Content Creators

• The Nigerian government has said there are no plans to tax social media content creators for their online earnings
• The Federal Inland Service (FIRS) said that reports that the agency introduced a new tax scheme for the creative industry were false
• The FIRS stated that the tax payment from the non-oil sector rose by 54% in 2023 as the agency raked in about N12.37 trillion in taxes

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The Federal Inland Revenue Service (FIRS) has stated that there are no plans to tax online content creators.

There were reports that the agency introduced a new tax scheme to ensure players in the creative industry voluntarily pay taxes.

Who is authorised to pay taxes in Nigeria?

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However, TheCable cites multiple sources at FIRS, saying the agency is not currently taking the route.

Per the source, the law only allows corporate entities in Nigeria with a turnover of N25 million to pay taxes.

According to reports, the FIRS, on January 24, 2024, disclosed that it collected about N12.37 trillion as tax revenue in 2023.

FIRS discloses tax revenue for 2023

The chairman of FIRS, Zacch Adedeji, said tax collection increased by N2 trillion compared to the agency’s 2022 target of N10.17 trillion.

He attributed the increase to the performance of the non-oil sector, saying that tax payments from the non-oil sector rose by 54% in 2023 compared to the previous year.

Adedeji said:

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“We will provide customised and efficient services that address the unique needs of large taxpayers and key sector contributors,” he said.

“We will improve service delivery, expand tax net and enhance compliance measures by improving enforcement activities in line with relevant laws and increasing collaboration with strategic stakeholders.”

In response to the viability of the N19 trillion revenue target for 2024, Adedeji said FIRS needs to offer a robust framework for collecting taxes.

Top 7 highest-earning skit makers

Legit.ng reported that 2023 saw some young new acts in the industry make massive breakthroughs, including Gilmore, Erekere, Layi Wasabi, Wizdom and Kidbaby101.

However, the old guards stayed watch of the gates regarding financial earnings for 2023, reasserting their dominance.

Mark Angel was one of the first Nigerian skit makers and comics to gain international recognition as a content creator.

Source: Legit.ng