Update on Tax for Social Media Influencers: The Response of the Influencers
TAX FOR SOCIAL MEDIA INFLUENCERS – The Creator and Influencer Council of the Philippines (CICP) reacted to the call for influencers to pay taxes.
Nowadays, a huge part of the populace has social media accounts. Three (3) of the biggest social media platforms include Facebook, Twitter, and Instagram and many people have an account for each of these social media giants.
Before, social media platforms were mainly used for communication purposes. They connect people who are miles away from each other but, now, it has crossed the lines of entertainment, education, and even money-making. Many social media personalities earn huge money monthly because of the content they pose.
In fact, many social media influencers already made posting content on the different online platforms their main source of income. Many of them have built a house and bought their dream cars from the money they made online.
Recently, the Bureau of Internal Revenue (BIR) released a memorandum over the tax for social media influencers. Based on a report on ABS-CBN News, BIR issued the Memorandum Circular 97-2021 which contains an overview of the tax rules for the influencers.
According to BIR, there are social media influencers who are not paying their taxes to the government despite the huge amount of money they earn from what they do online.
The Creator and Influencer of the Philippines (CICP) reacted to BIR’s move over the tax for social media influencers. According to the report, the influencers’ group stressed that its core values as responsible citizens of the country include the payment of taxes to the government and they are open for a dialogue.
According to CICP, they are hoping that BIR will introduce them to certain mechanisms that would allow them to pay taxes online which is more convenient. They are calling for the said mechanisms not only for the influencers but for all the taxpayers.
Currently, BIR has yet to respond to the request of the social media influencers group. More updates may be posted soon.
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