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JUST IN: Content Creators Must Register, Pay Taxes, Says CAC Boss

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The Corporate Affairs Commission has called on social media content creators with large followers to register their businesses with the commission through the Company and Allied Matters Act 2020.

This follows the alleged plans by the Federal Inland Revenue Services to bring media content and influencers into its tax system.

Hussaini Magaji, the Registrar General, CAC, made the call on Tuesday when he was paid a courtesy visit by Dauda Gotring, the Managing Director, Opay, and his team in Abuja.

The Opay team visited to ensure the regularisation of 300,000 agents and merchants with the commission.

This will enlarge the tax net, encourage businesses, and create more jobs for the citizens.

Last week, the CAC started registering two million small businesses in partnership with a fintech company, Moniepoint.

The commission boss noted that social media and content creators are generating a lot of money but are not paying any form of tax to the Federal Government.

He said, “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.

“And we are all out to enforce the provision of the law with its penalties.”

He added that the commission will soon ensure that traffic-driven content creator start paying their taxes to the government.

“This cannot go on; these groups of people are under the 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,” he added.

The CAC boss said, “This initiative is part of my target to register 20 million businesses in 2024 and 50 million jobs target for Nigerian youths.”

The Opay MD, on his part, noted that the idea behind Opay operations is to deliver banking services to unbanked persons across the states in the country.

He said, “Opay is ready to partner with CAC to ensure these groups of people have their businesses registered, with their consent though.”

 

 

 

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