8.4 C
New York
Friday, March 29, 2024

Taxation frustrating Nollywood, Ramsey Nouah cries out

Published:

LATEST NEWS

- Advertisement -
Taxation frustrating Nollywood, Ramsey Nouah cries out

Taxation frustrating Nollywood, Ramsey Nouah cries out

Should Buhari Sack Magu Of EFCC

View Results

Loading ... Loading ...

Nollywood superstar, Ramsey Nouah, has said despite the massive contribution of the film industry to the nation, taxation is frustrating the sector’s growth.
Speaking as a panelist at the tax forum for start-ups and SMEs in Abuja, the actor said the Federal Inland Revenue (FIRS) should come up with a viable taxation structure to keep the industry from collapse.
He said: “Taxation is inevitable. I support it, but right now, Nollywood is heavily taxed. The equipment we use, whether old or new are heavily taxed. The industry is not yet self-sustaining yet we are slammed with taxes. The practitioners are taxed, the distributors are taxed.

“The Bank of Industry (BOI) pumped some money to expand the horizons of cinemas in Nigeria, quite commendable but it’s still too small.”
Speaking in the same vein, MI Abaga, rapper and president of Chocolate City, said the Nigerian music scene grew without government investment, hence there was the need to ensure the industry does not collapse under prohibitive taxes.

“I have been paying my tax in Lagos for five years, taxation is necessary. But we can’t kill the citizens to save government just as we can’t kill government to save citizens. At present the music scene is still evolving, it’s not yet financially literate to deal with issues like full taxation. We have a generation of youth that feel short-changed by corruption in public life; music has become an avenue for them to feel a sense of fulfillment. We have to find a middle-line that will benefit us all. At Chocolate city, we are in the business for the love of the people, not just for making money.

Hey there! Exciting news - we've deactivated our website's comment provider to focus on more interactive channels! Join the conversation on our stories through Facebook, Twitter, and other social media pages, and let's chat, share, and connect in the best way possible!

Join our social media

For even more exclusive content!

spot_imgspot_imgspot_img

Of The Week
CARTOON

TOP STORIES

- Advertisement -

Of The Week
CARTOON

247Ureports Protects its' news articles from plagiarism as an important part of maintaining the integrity of our website.