Popular Nollywood actor, Ramsey Nouah has revealed the reason why the film industry is not growing as it should despite making huge contribution to the nation's Gross Domestic Product (GDP). Speaking as a panelist at the tax forum for start-ups and SMEs in Abuja, blamed the stagnation of the industry on taxation.
He called on the Federal Inland Revenue (FIRS) to come up with a viable taxation structure to keep the industry from collapse.
“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.”
