The Corporate Affairs Commission (CAC) has announced that all social media creators including Instagram and TikTok users with large followings must register their names and pay taxes.
This is in line with the body's Company and Allied Matters Act 2020 and the Federal Inland Revenue Services plan to include content creators and social media influencers in its tax system.
The CAC Registrar General, Hussaini Magaji, said content creators are making a lot of money without paying taxes to the Federal Government. He added that according to the Company and Allied Matters Act, as long as the creators make money, they must register their names as a business.