Social Media Content Producers Need To Register And Pay Taxes — CAC

The CAC states that content creators must finish the registration process and pay their taxes.

Hussaini Ishaq Magaji, the Registrar General of the Corporate Affairs Commission (CAC), revealed on Tuesday, February 13, that users of Tik Tok, Instagram, and other social media platforms with a larger following will soon be required to register as businesses in order to begin paying taxes to the government.

The RG revealed this while managing director Opay, Dauda Gotring, and his team were in Abuja. They said that content creators and social media platforms are making a lot of money without having to pay any taxes to the federal government.

This coincides with reports that the Federal Inland Revenue Services is preparing to integrate influencers and media content into its tax system.

“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 begin compliance checks to ensure these businesses start paying their taxes to the government. He added, “This cannot go on, these groups of people are under 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.”