Philippines checks tax payments of Top 250 social media influencers


MANILA, Sept 16 (Bloomberg): The Philippines is checking initially 250 social media influencers if they are paying their taxes as the government seeks to plug revenue leaks amid rising debt.

Letters for investigation were sent to social media endorsers who are top earners in their field, the finance department said in a statement on Thursday, citing a report from the Bureau of Internal Revenue.

"We will do the investigation so that they would pay the necessary corresponding tax on their earnings,” said Arnel Guballa, deputy commissioner at the revenue agency.

A circular issued last month clarified that influencers must pay income and value added tax from their earnings including from YouTube’s Partner Program, sponsored social posts, advertising and sales.

Goods received in exchange for promotions must also be declared as income using the products’ fair market value, the finance department said.

The Sout-East Asian nation is looking at ways to cut debt such as broadening its sources of revenues, without introducing new taxes, Finance Secretary Carlos Dominguez said in April. - Bloomberg

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Philippines , GOvt , Checks , Tax , Top , Social Influencers

   

Next In Aseanplus News

Cambodian govt approves US$8.5 billion for 2022 annual spending, up 8.4%
Laos: Annual Vientiane boat racing festival cancelled amid Covid-19 outbreak
80% full vaccination main criterion to de-escalation plans in Brunei
Indonesian court rejects debt restructuring request against airline Garuda
Thailand announces reopening rules for tourism reboot
China can’t look to Singapore for a way to live with Covid-19, health economist says
Geely’s Lynk & Co car brand launches mid-size SUV, heads to Saudi Arabia and Kuwait
Hong Kong jobless rate drops to new low of 4.5 per cent since start of coronavirus pandemic on improved economy
Covid-19: 5,828 new cases bring total to 2,426,050
Miti: European investors make strong commitment to invest RM14.1bil in Malaysia

Others Also Read


Vouchers