The Corporate Affairs Commission has urged social media content creators with large followers 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, stated this on Tuesday while receiving a courtesy visit from Opay’s Managing Director, Dauda Gotring, and his team in Abuja.
He 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, “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 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.
