CAC Urges Content Creators To Register and Pay Taxes

The Corporate Affairs Commission has urged social media content creators, Instagram users, and TikTok users with a large following to register their businesses with the commission under the Company and Allied Matters Act 2020.

This comes amid alleged plans by the Federal Inland Revenue Service to incorporate media content and influencers into its tax system.

Hussaini Magaji, Registrar General of the CAC, made the call on Tuesday while receiving a courtesy visit from Opay’s Managing Director, Dauda Gotring, and his team in Abuja.

According to the CAC, this will expand the tax net, encourage businesses, and create more jobs for Nigerians.

The CAC boss stated that social media and content creators are generating a lot of money without paying any form of tax to the Federal Government.

Magaji said, “Ignorance of the law is not an excuse. It is stated in the Company and Allied Matters 2020 that for any business to take place in Nigeria, whether you are doing business with your name or another name, you must surrender your business for registration.

” If you are a content creator on the internet and you have a large followership and you are gaining or making money from it, you must register and that’s the provision of the law.

And we are all out to enforce the provision of the law with its penalties.”

He added that the commission will soon begin compliance checks to ensure these businesses start paying their  taxes to the government.

He added, “This cannot go on, these groups of people are under mandate to register as a business considering the amount they make from the content creation. The government is all out to ensure every business in Nigeria, no matter what or how, is registered with the CAC.

“The commission is registering another batch of 300,000 business names from Opay.”

The CAC boss said the initiative is part of his target to register 20 million businesses in 2024 and 50 million jobs target for Nigerian youths.