The Corporate Affairs Commission (CAC) has announced that social media content creators, including those on Instagram and TikTok with significant followers, must now register their businesses. This directive aligns with the Company and Allied Matters Act 2020.
Amid speculation about the Federal Inland Revenue Services (FIRS) incorporating media content and influencers into its tax system, the Registrar General of CAC, Hussaini Magaji, emphasized the necessity for registration during a meeting with the Managing Director of Opay, Dauda Gotring, and his team in Abuja.
Magaji stated, “If you are a content creator on the internet with a substantial following and earning money from it, you must register, as it is provided by the law. We are committed to enforcing this provision along with its associated penalties.”
These developments have significant implications for the global landscape of social media and digital content creation, as government entities worldwide grapple with regulating online entrepreneurship and taxation in the digital age.
