The Nigeria Revenue Service has called on content creators and other players in the creative industry to formalise their businesses, obtain tax identification numbers and keep proper financial records to benefit from available tax incentives and investment opportunities.
The agency’s officials made the appeal during a tax policy discussion on Thursday at the ongoing Creative Africa Nexus Weekend 2026 in Lagos. They highlighted how Nigeria’s tax reforms could support creative businesses, strengthen tax compliance and attract investment into the sector.
Speaking during a panel session, an Assistant Director in the NRS Field Operation Monitoring Department, Simeon Onyegbula, said formal business registration and proper financial record-keeping were key requirements for accessing applicable tax incentives and reliefs.
“Formalise, register, and obtain a tax ID. Keep proper records with all of this, and comply with all the relevant tax laws. Enjoy all the incentives available, and then grow,” he said.
Onyegbula said taxpayers were required to keep invoices, receipts, ledgers and other financial documents to support their business expenses and establish their actual taxable profits.
He cautioned that personal spending could not be classified as business expenses, noting that all deductions must comply with applicable legal provisions.
Also speaking, an Assistant Director of Tax at the NRS, Kazeem Lawal, said content creators generating significant income through social media and other digital platforms could restrict their business growth by relying solely on personal bank accounts without maintaining proper financial records.
“Formalisation is what creates the pathway to growth and then sustainability in business,” he said.
Lawal said business registration provides enterprises with separate legal identities, enhances their credibility and positions them to secure corporate contracts, attract investors and build sustainable businesses that can outlive their founders.
He also explained that although small businesses were exempt from certain VAT collection obligations, they remained liable to VAT on taxable purchases.
Lawal added that taxpayers who were wrongly charged VAT could claim refunds within 30 days without first undergoing an audit.
“This tax credit is specifically saying that you have a 5 per cent tax credit on your investment that is based on qualified capital expenditure,” he said.
Akaje said companies with an annual turnover of N100m or less and fixed assets below N250m were eligible for zero company income tax and exemption from the four per cent development levy.
