NextGen Day

Authorities have yet to identify income leakages from social media influencers, necessitating the sector’s registration and payment of proper taxes, according to a senior Department of Finance (DOF) official.

“Right present, the BIR (Bureau of Internal Revenue) is looking into it. They are aware of the situation. In a virtual conference on Tuesday, Finance Undersecretary Antonette Tionko said, “It’s a preliminary estimate, but we’ll know after they register.”

“To look at their counterparties, to audit their counterparties, like the ones that advertise and all that,” she added, is another method to find out income leakage statistics.

“You can watch the match,” says the narrator. That’s how you do it. Hopefully, we’ll receive a number when they register,” she said.

The Bureau of Internal Revenue (BIR) has published Revenue Memorandum Circular (RMC) No. 97-2021, reminding individuals who use social media sites including Facebook, Instagram, Twitter, YouTube, and TikTok of their tax obligations.

After receiving allegations that certain social media celebrities are not paying income taxes, the BIR issued RMC.

It said that they must pay income tax as well as company taxes such as the 12% value-added tax (VAT).

“There are also allegations that they are not registered with the BIR, or that they are registered under other tax kinds or lines of business, but that they are not reporting their profits from social media platforms for tax purposes,” it said.

According to Tionko, registering with the BIR is simple and maybe done online.

“By making online registration not too difficult, we are attempting to make it easier for local online merchants and individuals who conduct transactions online,” she said.

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