CONTENT CREATORS MANDATED TO REGISTER AND FULFILL TAX OBLIGATIONS, SAYS CAC
The Corporate Affairs Commission (CAC) has conveyed a message to individuals involved in creating content on social media platforms such as YouTube, Facebook, X, Instagram, and TikTok, particularly those with substantial followers.
The government body insists that these content creators must undergo business registration with the commission as stipulated by the Company and Allied Matters Act 2020.
This directive comes amid reported intentions by the Federal Inland Revenue Services to integrate media content creators and influencers into its taxation system.
Hussaini Magaji, the Registrar General of CAC, issued this call during a visit from Dauda Gotring, the managing director of Opay, and his team in Abuja on Tuesday. The purpose of the Opay team’s visit was to facilitate the regularization of 300,000 agents and merchants with the commission, contributing to an expanded tax base, business encouragement, and increased job opportunities for Nigerians.
Last week, the commission initiated the registration of two million small businesses in collaboration with Moniepoint, a fintech company.
Magaji emphasized that social media and content creators are generating significant revenue without contributing any form of tax to the Federal Government.
“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,” Magaji stated.
He further highlighted that compliance checks will soon commence to ensure these businesses fulfill their tax obligations to the government.
Magaji stated, “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 mentioned that this initiative aligns with his goal to register 20 million businesses in 2024, contributing to a target of 50 million jobs for Nigerian youths.
The Opay MD expressed readiness to collaborate with CAC to facilitate the registration of these individuals’ businesses, with their consent.
(News Source: Techeconomy)
