The Corporate Affairs Commission (CAC) has called on social media content creators, Instagram users, and TikTok users with large followers to register their businesses with the commission in accordance with the Company and Allied Matters Act 2020.
CAC Registrar General, Hussaini Magaji, said this when he was paid a courtesy visit by the Managing Director, Opay, Dauda Gotring, and his team in Abuja on Tuesday.
According to Magaji social media and content creators are generating a lot of money without paying 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.
“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 said they are out to enforce the provision of the law with its penalties.
Also, he added that the CAC will soon begin compliance checks to ensure these businesses begin to pay their taxes to the government.
