CAC Announces Registration and Tax Requirements for Social Media Content Creators
The Registrar General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, has revealed that social media content creators, particularly Instagram and TikTok users with significant followings, will soon be required to register as businesses and pay taxes to the government.
Magaji made this disclosure during a meeting with the managing director of Opay, Dauda Gotring, and his team in Abuja. He emphasized that social media and content creators are generating substantial income without contributing any form of tax to the Federal Government.
According to Magaji, the Companies and Allied Matters Act of 2020 stipulates that any business conducted in Nigeria, whether under an individual’s name or a business name, must be registered. This requirement applies to content creators on the internet who have a large following and are earning or making money from their content.
He further emphasized that ignorance of the law is not an excuse and urged all eligible content creators to comply with the registration and tax payment requirements outlined in the law.
The move by the CAC to enforce registration and tax compliance among social media content creators underscores the government’s efforts to ensure that all businesses operating in Nigeria contribute to the country’s tax revenue and adhere to regulatory requirements.
