in:
Share to Facebook Share to Twitter More...

BIR Issues Memorandum Urging Social Media Influencers to Pay Taxes

The Bureau of Internal Revenue (BIR) has issued a memorandum urging the social media influencers to pay their taxes.

Nowadays, a lot of people are already earning a huge amount of income as social media influencers. They were making entertaining content in various online platforms to attract viewers.

However, BIR reminded the social media influencers to pay taxes, which is a part of their obligation as a Filipino citizen. The agency made the statement after receiving reports that some influencers were not paying taxes.

Social Media Influencers

The bureau explained that some public figures have not been paying their income taxes despite earning a huge amount of cash from various social media platforms. The department also said that some influencers are not registered with the BIR.

The agency noticed that the online influencers failed to register under a different line of business and not even declaring their income. The group also said that the internet figures are also liable for both business and income tax.

“Therefore, if a social media influencer receives free products in exchange for the promotion thereof on his/her/it YouTube channel or other social media accounts, he/she/it must declare the fair market value of such products as income,” BIR said.

Social Media Influencers

BIR also said that internet stars earning royalties in another country should declare it and it must be included in the gross income’s computation. Foreigners with earnings came from Philippine-based contents are also taxable, the agency said.

“Thus, the burden of proof that the income was derived from sources without the Philippines lies upon the resident alien. Absent such proof, the income will be assumed to have been derived from sources within the Philippines,” BIR added.

What can you say about this? Just feel free to leave your comments and reactions to this article.

Thank you for visiting Philippine Trending News (Philnews.ph). You may also follow us on the following social media platforms; FacebookTwitter, and YouTube.

Read Also: Chavit Singson Slams Manny Pacquiao Over Tobacco Tax: “Mag aral ka muna”

Share to Facebook Share to Twitter More...

comment(s) for this post "BIR Issues Memorandum Urging Social Media Influencers to Pay Taxes". Tell us what you think abut this post by leaving your comments below.

{ 0 comments… add one }

Leave a Comment