Social media influencers, watch out!
The BIR has issued a new issuance reminding you to register, pay income and business taxes or face prosecution for tax evasion. Penalty could go as high as P10M and jailtime of 10 years.
But who are social media influencers and what acts will be subject to income and business taxes? Read below.
On #ANCRundown, we asked Asian Consulting Group chair and CEO Mon Abrea: Given the definition of "social media influencers" in BIR issuance, won't just about everyone who receives anything of value be covered? Abrea agrees: If it is not excluded or exempted, they are included.
The list of activities in the BIR issuance seems to be extensive, including items received in cash. What if you receive ensaymada? Are you required to declare the fair market value of ensaymada? Watch how Abrea responds.
#ANCRundown
How will BIR go after social media influencers? Abrea says the BIR has directed BIR district offices to conduct full-blown investigations. Says BIR will prioritize those earning millions.
#ANCRundown
Full interview with Mon Abrea @TaxWhizPH here:
#ANCRundown Mondays to Fridays 7-8am
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