The Corporate Affairs Commission has advised content creators and influencers with a large following on social media to register their businesses with the commission under the Company and Allied Matters Act 2020.
This is coming amidst alleged plans by the Federal Inland Revenue Service to onboard media content and influencers into its tax system.
The Registrar General, CAC, Hussaini Magaji, made the call on Tuesday, Feb. 13, in Abuja.
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 following 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.
“This cannot go on, these groups of people are under the mandate to register as businesses considering the amount they make from content creation. The government is all out to ensure every business in Nigeria, no matter what or how, is registered with the CAC,” he added.
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