Influencer Group Ready For Talks Regarding Tax From Online Profits
INFLUENCER GROUP READY FOR TALKS – Being a social media influencer in the Philippines comes with amazing perks. From getting content monetized all the way to getting sponsorships, being a part of this scene truly has its benefits.
However, according to the Bureau of Internal Revenue (BIR), those earning within a set tax bracket should remember to pay their tax obligations. Furthermore, the Bureau highlighted that there would be consequences for evading taxes.
But, recently, a social media content creator group said they welcomed the BIR’s Revenue Memorandum Circular 97-2021. Based on an article from GMA, the group said:
We would like to commend the BIR in issuing the said circular as it gives a general overview of all the tax rules and regulations that are applicable to the members of our organization
During a public announcement, the BIR cited that now would be the opportune moment to discuss tax obligations of social media influencers. Furthermore, those who earn profits from social media platforms such as YouTube, Facebook, Instagram, Twitter, TikTok, Reddit, and Snapchat are classified as “influencers”.
Additionally, the BIR cited that such influencers fall under self-employed persons engaged with trade or business as sole proprietors. Meanwhile, to avoid issues and to clarify concerns, the Creator and Influencer Council of the Philippines (CICP) stated:
For this, we are thankful for the BIR in giving this opportunity not only for us to promote the organization’s core values, but also for us to show that we are doing our part as responsible citizens of this country
As a response to the BIR, the CICP highlighted that the BIR should allow certain mechanism that could ease the tax burden of individuals gaining profit through digital platforms.
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