The Corporate Affairs Commission (CAC) is urging social media content creators, Instagram users, and TikTok users with significant followings to register their businesses in compliance with the Company and Allied Matters Act 2020.
This call comes amidst reported intentions by the Federal Inland Revenue Service (FIRS) to integrate media content creators and influencers into its tax system.
Hussaini Magaji, the Registrar General of CAC, emphasized the importance of compliance during a courtesy visit by Opay’s Managing Director, Dauda Gotring, and his team in Abuja.
The visit aimed to facilitate the regularization of 300,000 Opay agents and merchants with the commission, thereby expanding the tax base, fostering business growth, and creating employment opportunities for Nigerians.
Recently, the commission initiated the registration of two million small businesses in collaboration with Moniepoint, a fintech company.
Magaji highlighted that social media and content creators are generating substantial revenue without contributing taxes to the Federal Government. He emphasized the legal requirement for businesses to register, regardless of whether they operate under personal or business names, as stipulated in the Company and Allied Matters Act 2020.
Magaji stated, “Ignorance of the law is not an excuse,” underlining the necessity for compliance and warning of penalties for non-compliance.
The commission plans to conduct compliance checks to ensure these businesses fulfill their tax obligations.
The CAC aims to register an additional 300,000 business names through Opay, aligning with its broader target of registering 20 million businesses in 2024 to create 50 million jobs for Nigerian youths.
Dauda Gotring affirmed Opay’s commitment to facilitating business registration with the CAC, emphasizing their mission to provide banking services to the unbanked population in Nigeria.
Opay plans to collaborate with the CAC to ensure all businesses, regardless of size, are registered.
Gotring highlighted Opay’s efforts to sensitize account owners on the importance of business registration with the CAC, aiming for comprehensive compliance across their platform.