Minister Inaugurates TSTV, Announces Tax Relief for New PayTV Platform
The Minister of Information and Culture, Alhaji Lai Mohammed, has said the new PayTV platform, TSTV, will enjoy a pioneer status with a three-year tax relief.
The Minister announced this in Abuja on Sunday night when he unveiled TSTV.
“Dr. (Bright) Echefu (TSTV Managing Director), you have come at a very good time because this government only recently granted a pioneer status to the Creative Industry and what this means is that you will be entitled to a three-year tax relief and all your investors will not pay any tax dividends,” he said.
Alhaji Mohammed said the unveiling of TSTV has totally redefined the PayTV platform and, by extension, the TV industry, through the provision of access to people in all segments of society to enjoy high quality entertainment.
“What Dr. Echefu has done is to democratize the media and entertainment industry and make it possible for all to have access to the best entertainment in the world. Just like a Nigerian also made history by crashing the cost of telephony in Nigeria, I am glad that another Nigerian is now coming forward also to crash the price of PayTV,” he said.
The Minister said the advent of Digital Switch Over in broadcasting in Nigeria has created a paradigm shift in the television industry, where compelling contents will now attract viewership.
He identified lack of objective audience measurement mechanism as a key factor against investment in content production, but disclosed that his ministry is planning a workshop to address the challenge.
Alhaji Mohammed said the Creative Industry played a critical role, along with other non-oil sector players, in pulling Nigeria’s economy out of recession, and that the government plans to develop the industry to contribute 5% to the GDP, as against its current contribution of 1.36% by 2020.
He commended Dr. Echefu for his courage of conviction and belief in Nigeria and pledged the readiness of the Federal Government to continue to create the conducive environment for private sector investments to thrive.