Digital content creators are taking the world by storm, and Nigeria is no exception. To stay relevant in the ever-changing landscape of social media platforms, Nigerian social media influencers and content creators are constantly reinventing how they engage with their audience.
However, if social media content providers with large following are to keep producing and posting content, the Corporate Affairs Commission (CAC) is now requiring them to register their businesses and pay taxes.
In a meeting with Opay Digital Services, the Registrar-General of the CAC, Hussaini Magaji, made this statement and pointed out that the commission offers various registration options, and content providers who choose not to register have no excuse.
According to Magaji, “That is the provision of the law. And we are all out to enforce the provision of the law,” while also stating that “Failure to do so is a crime in Nigeria.”
He stressed that the idea of content creators formally entering the system is in accordance with President Bola Tinubu’s plans to eliminate poverty, make wealth more accessible, give 50 million young people jobs, and encourage youth employment.
This is happening in the wake of reports that the Federal Inland Revenue Services is planning to incorporate influencers and media content creators into its tax system. The FIRS has, however, refuted this rumour, stating that Personal Income Tax (PIT) is not within its jurisdiction.
