Lagos demands 5% tax on 'all audio and visual contents' from content producers
Practitioners involved in production, sale, distribution of audio and visual products are to register their products.
LSFVCB Executive Secretary, Bamidele Balogun [Eko Hot Blog]
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The board Executive Secretary, Mr Bamidele Balogun, gave the notice while unveiling a platform by the Performing Musicians Employers Association (PMAN) and Lafrique Promedia, to track and generate revenue for the entertainers.
"The board will advise practitioners involved in production, sale, distribution of audio and visual products to register their products through the board's authorised agent within 30 days.
"Practitioners and stakeholders are also informed that henceforth, all audio and visual contents produced and sold within Lagos State shall attract the payment of five per cent levy on each item.
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"This exercise will, however, assist the Lagos State Government in policy formulation, with regard to planning and funding for the sector," he said.
Balogun said that violators of the registration would face severe sanctions by the board, calling for the cooperation of stakeholders to achieve the goal.
"All practitioners and stakeholders in the entertainment sector within the state are advised to comply with this directive and cooperate with the authorised agent of the board," he said.
Also, Mr Obiora Osokolo, Head of Consulting, SIAO Partners, urged producers to comply, saying the platform would go a long way to put an end to issues of court cases among entertainers.
Osokolo said that the initiative would create an enabling environment for the state government to adequately fund the entertainment industry and improve lives of the practitioners.
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"I am encouraging producers and others in the entertainment industry to take advantage of this opening and key in to the platform, as it will be to their benefits," he said.
Osokolo, however, lauded the Lagos State Government for the initiative, describing it as a good development in the right direction for the entertainment industry and stakeholders.
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