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As the country tries to increase
its revenue earning through taxation, the tax net may soon be extended to
social media content creators for tax payment.
This is the position of the
Registrar-General, Corporate Affairs Commission (CAC), Hussaini Magaji, while
advocating for the registration as a business, social media content. He
revealed that the CAC may soon compel content creators with larger followership
on Instagram, TikTok and other social media handles to register as businesses.
Magaji, who made this known while
receiving the Managing Director, Opay Digital Services, Dauda Gotring and his
team in his Abuja office, explained that the social media and content creators
are earning a lot of money from their activities without paying any form of tax
to the federal government.
In his words: "This cannot
go on; these groups of people are under mandate to register as a business
considering the amount of money they make from their content. The government is
all out to ensure every business in Nigeria no matter what or how is registered
with the CAC. The commission is registering another batch of 300,000 business
names from Opay. The visit from the Opay team is to ensure regularisation of
these business names in CAC. This will expand tax net, encourage businesses and
create more jobs for Nigerians,” Magaji said
Responding, Gotring explained
that the idea behind Opay operations is to ensure every Nigerian uses a bank,
even in the rural areas. He declared the readiness of his firm to partner with
CAC to ensure such businesses as noted by the RG are registered, but with their
consent.
Gotring said the Opay
organisation is working to ensure that all companies no matter how little, as
long as it “operates as a business you should be registered with the CAC, and
since Opay handles these accounts we are working on sensitising the owners of
the accounts so they can be registered with CAC.”
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