The Corporate Affairs Commission has urged social media content creators, Instagram users, and TikTok users with substantial followings to register their businesses under the Company and Allied Matters Act 2020.
This request comes amid allegations that the Federal Inland Revenue Service intends to include media material and influencers into its tax system.
Hussaini Magaji, Registrar General of CAC, gave the summons on Tuesday during a courtesy visit to Abuja by Opay’s Managing Director, Dauda Gotring, and his team.
Last Monday, the commission began the registration of two million small enterprises in collaboration with Moniepoint, a fintech startup.
Magaji emphasized that social media and content providers generate enormous money without paying any taxes 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.
“This cannot persist; these individuals must register their businesses, given the revenue they generate from content creation.
