My Finance NG

My Finance NG | Best Personal Finance Blog In Nigeria

Tax Online Content Creators and Skit Makers
Tax

No Plans to Tax Online Content Creators and Skit Makers – FIRS

Tax Online Content Creators and Skit Makers

FIRS Confirms No Tax Plans for Online Content Creators and Skit Makers.

 

The Federal Inland Revenue Service (FIRS) has reassured that it has no intentions of imposing taxes on online content creators, including skit makers.

In a recent statement to the News Agency of Nigeria (NAN), FIRS officials clarified that individuals engaged in creating online content, particularly skit makers, are not within the purview of taxation under the FIRS.

According to FIRS representatives, “FIRS does not tax Personal Income Tax; that falls under the jurisdiction of State governments. FIRS primarily collects Company Income Tax, where only corporate entities earning profits of N25 million and above are required to pay taxes.”

Recent speculation about FIRS planning to levy taxes on online content creators, particularly skit makers, has been debunked. These rumors sparked concerns about potential tax burdens on the burgeoning online content creation industry.

New Tax Administration Framework Unveiled

In a bid to enhance the nation’s tax administration, FIRS has introduced a new framework aimed at modernizing tax collection processes.

Dr. Zacch Adedeji, the Executive Chairman of FIRS, emphasized that the new framework represents a concerted effort to adopt more efficient and contemporary approaches to tax administration.

ALSO READ: OPay, Palmpay, and Others Processed N46.6 trillion Transactions in 2023 – NIBSS

Adedeji stated, “This innovative approach positions FIRS as a leader in tax administration, adapting to the evolving needs of taxpayers in today’s rapidly changing world. The framework advocates for a comprehensive approach to taxpayer services, streamlining our core functions and support services under one cohesive structure.”

He added, “By tailoring our services to specific taxpayer segments, we aim to simplify the taxpayer experience, eliminating complexities and overlaps to ensure a seamless and user-friendly interaction for every taxpayer.”

Key Points to Note

The federal government, through FIRS, is exploring avenues to boost revenue generation. In August, President Tinubu inaugurated the Presidential Fiscal Policy and Tax Committee, led by former Fiscal Policy and Tax expert at PwC, Mr. Taiwo Oyedele.

The objective, as articulated by the President, is to revamp the fiscal policy landscape, streamline taxes from approximately 70 to 10, and address existing loopholes. The government aims to raise the tax-to-GDP ratio to 18% within the next three years, up from the current 10%.

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.