The Corporate Affairs Commission has asked content creators to register their names or businesses as mandated by the Company and Allied Matters Act 2020.
It noted that attendant penalties will soon be meted out to offenders of the law. CAC Registrar General, Hussaini Magaji, stated this during a visit from Opay’s MD Dauda Gotring in Abuja.
According to Magaji, ignorance of the law is not an excuse. He stated: “According to the Company and Allied Matters Act, 2020, all businesses in Nigeria must register, regardless of the name used.”
Law requires registration for profitable internet content creators with large followings. And we are all out to enforce the provision of the law.”
The CAC boss also stated that these businesses and individuals would protect their names from illegal use after registering. He added that the commission has different classes of registration to cater to the specific needs of content creators and others.
CAC calls for action after reports of FIRS taxing online creators.
The FIRS has since dispelled the news. In a BusinessDay report, a staff of the agency, who spoke anonymously, said, “FIRS does not tax personal income tax; state governments do. FIRS collects company income tax.
Tax is required only from those who earn a profit of N25 million or more and operate under corporate names.
The move to register content creators could bring them under the purview of the FIRS.
Nigeria undecided on content tax, but Kenyan creators face 1.5% social media tax.
