The 5 Most Common Taxes Entertainment Businesses Will Encounter

The increasing successes and growth of the Nigerian entertainment industry both at home and abroad have been copiously documented and thus…

The increasing successes and growth of the Nigerian entertainment industry both at home and abroad have been copiously documented and thus require no repetition here.

However, with the increasing value being generated by the industry - coupled with a national policy focused on increasing public revenues through taxes - both federal and state tax authorities alike are beginning to take more of an interest in this sector.

As a result it is important for entertainment sector entrepreneurs and business owners to understand where their tax liability exposures lie and how they can navigate what is potentially a complicated landscape that can have significant financial implications. This will enable them and their businesses to avoid huge potential losses - in the form of fines, penalties, and excess taxes - and possibly even bankruptcy.

This article therefore sets out the five most common taxes entertainment business owners will certainly have to contend with and thus plan for. The penalties f…