The Company and Allied Matters Act 2020 requires social media influencers and content producers with a sizable following to register their enterprises with the commission. This request comes from the Corporate Affairs Commission.
This coincides with the Federal Inland Revenue Services efforts to integrate influencers and media material into the tax system.
The Registrar General, CAC, Hussaini Magaji, made the call on Tuesday, Feb. 13, in Abuja.
According to the head of CAC, content providers and social media are making a lot of money without giving the federal government any taxes.
“Ignorance of the law is not an excuse,” asserted Magaji. “It is stated in the Company and Allied Matters 2020 that you must surrender your business for registration in order for any business to take place in Nigeria, whether you are doing business under your name or another name.”
“That is the legal requirement if you are an online content creator with a sizable following and are earning revenue from it. You have to register.”
“And we are all out to enforce the provision of the law with its penalties.”
In order to make sure these companies start paying their taxes to the government, he continued, the commission will shortly start conducting compliance checks.
“This cannot continue; given the amount of money these groups of people make from creating content, they are required to register as businesses,” he continued. The government is making every effort to guarantee that every Nigerian company, regardless of nature or mode of operation, is CAC-registered.”
