The Corporate Affairs Commission (CAC) has called on social media content creators, Instagram users, and TikTok users with large followers to register their businesses in compliance with the Company and Allied Matters Act 2020.
This appeal comes amid reported plans by the Federal Inland Revenue Service (FIRS) to include media content creators and influencers in its tax system.
The Registrar General of CAC, Hussaini Magaji, made this announcement during a courtesy visit by the Managing Director of Opay, Dauda Gotring, and his team in Abuja.
The purpose of Opay’s visit was to facilitate the regularisation of 300,000 agents and merchants with the commission, aiming to expand the tax net, promote businesses, and generate more employment opportunities in Nigeria.
Magaji said that it is legally required for businesses, including content creators, to register with the CAC.
He mentioned that social media influencers and content creators are generating substantial income without contributing any form of tax to the Federal Government.
Magaji stated that ignorance of the law is not an excuse, and the CAC is committed to enforcing the provisions of the law, including penalties for non-compliance.
The CAC recently initiated the registration of two million small businesses in collaboration with Moniepoint, a fintech company.
Magaji mentioned that compliance checks will soon commence to ensure that these businesses fulfill their tax obligations to the government.
Magaji noted that the CAC is registering an additional batch of 300,000 business names from Opay.
Opay’s Managing Director, Dauda Gotring, affirmed Opay’s readiness to collaborate with the CAC to encourage business registration among social media influencers and content creators.
“Opay is ready to partner with CAC to ensure these groups of people have their businesses registered, with their consent though,” he said.