CAC urges social media content creators to register businesses
By Ibidunni Banjoko
The Corporate Affairs Commission (CAC) has issued a call to social media content creators, Instagram users, and TikTok users with large followings to register their businesses with the commission in compliance with the Company and Allied Matters Act 2020.
This call comes amidst alleged plans by the Federal Inland Revenue Service (FIRS) to integrate media content creators and influencers into its tax system.
During a courtesy visit by the Managing Director of Opay, Dauda Gotring, and his team in Abuja, the Registrar General of CAC, Hussaini Magaji, emphasized the importance of business registration for social media influencers and content creators. The visit aimed to regularize 300,000 agents and merchants with the commission, expanding the tax net, fostering business growth, and creating more employment opportunities for Nigerians.
In a bid to enforce compliance, the CAC recently commenced the registration of two million small businesses in collaboration with Moniepoint, a fintech company.
Magaji highlighted that many social media and content creators are generating substantial income without contributing taxes to the government. He stressed that ignorance of the law is not an excuse, citing the provisions of the Company and Allied Matters Act 2020, which mandates business registration for any commercial activity conducted in Nigeria.
Magaji emphasized, “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.” He further stated that the commission will conduct compliance checks to ensure that these businesses fulfill their tax obligations to the government.
As part of its ambitious goals for 2024, the CAC aims to register 20 million businesses and create 50 million jobs for Nigerian youths. Gotring reiterated Opay’s commitment to facilitating business registration, stressing the importance of all companies, regardless of size, being registered with the CAC.
Gotring emphasized Opay’s role in sensitizing account owners to ensure compliance with CAC registration requirements, highlighting the organization’s dedication to facilitating the registration process for businesses operating in Nigeria.
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