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Title : BIR reminds social media influencers to pay taxes
link : BIR reminds social media influencers to pay taxes

BIR reminds social media influencers to pay taxes

The Bureau of Internal Revenue (BIR) has released a memorandum with the subject: "Taxation of Any Income Received by Social Media Influencers," on August 16, 2021.

BIR issued this memo in response to numerous reports that certain social media influencers have been failing to pay their income taxes despite earning "huge" amounts of money from various social media platforms.

Moreover, some influencers are not registered with the BIR or are registered under a different line of business and have been failing to declare their earnings, the memorandum added.

According to the BIR, social media influencers are individuals who earn money as bloggers or video bloggers (vloggers) on social media platforms such as YouTube, Facebook, Instagram, Twitter, TikTok, Reddit, and Snapchat.

They are also liable for income tax and percentage or the 12-percent value-added tax. Additionally, the BIR stated that social media influencers are taxed as self-employed individuals engaged in trade or business as sole proprietors.

BIR explained that self-employed individuals whose gross sales or gross receipts and other non-operating income don't exceed the VAT threshold of PHP 3 million will have the option to avail of the eight (8) percent tax on gross sales or gross receipts, as well as other non-operating income over PHP 250,000.

Social media influencers who will violate this tax memo will be criminally liable and will be fined PHP 500,000 to PHP 10 million.

The 10-page memo identified potential revenue streams for influencers (mostly vloggers/YouTubers) and included sample computations of how much of their income is taxable.

Social media influencers are advised to declare their income voluntarily and truthfully, as well as pay their corresponding taxes without waiting for the BIR to conduct a formal investigation in order to avoid being liable for tax evasion and a civil penalty equal to fifty percent (50%) of the tax or deficiency tax.

As of this writing, the following are some famous personalities and media companies with more than ten million subscribers and followers.

YouTube:

ABS-CBN Entertainment – 35.7M subscribers

Raffy Tulfo in Action – 21.6M subscribers

GMA Public Affairs – 16.3M subscribers

Ranz Kyle – 14.4M subscribers

Niana Guerrero – 13.8M subscribers

Ivana Alawi – 13.7M subscribers

Ja Mill – 12.5M subscribers (Update: Official Ja Mill YouTube channel was deleted on August 19, 2021)

Wish 107.5 – 11.6M subscribers

Alex Gonzaga Official – 11.3M subscribers

Zeinab Harake – 10.9M subscribers

Instagram:

Anne Curtis – 17.1M followers

Liza Soberano – 16M followers

Kathryn Bernardo – 15.4M followers

Pia Wurtzbach – 12.5M followers

Andrea Brillantes – 12.4M followers

Catriona Gray – 12.2M followers

Alex Gonzaga – 11.3M followers

TikTok:

Niana Guerrero – 26.1M followers

Andrea Brillantes – 13.2M followers

Sanya Lopez – 11.2M followers

Facebook:

Marian Rivera – 25.4M followers

Niana Guerrero – 23.7M followers

Angel Locsin – 23M followers

Anne Curtis – 18.2M followers

Manny Pacquiao – 17.6M followers

Twitter:

Anne Curtis – 14.1M followers

Vice Ganda – 14.1M followers

Kathryn Bernardo – 10.5M followers

You can read the full memorandum from the BIR here (https://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/2021%20RMCs/RMC%20No.%2097-2021.pdf).

Via: GMA News

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