Today, anyone with a smartphone, internet connection and an Instagram handle can become an influencer. But not everyone can do it well, and those who do, can seriously make a quick buck. In fact, being an influencer can be so lucrative that it is now considered to be an official profession. Yes, posting pictures and videos of yourself online is now a proper job. This is the world we live in, people.
So now, the inevitable is upon us. Internet celebrities, influencers and other individuals who earn more than RM5,000 a month from paid reviews, brand endorsements and business conducted via social media will have to pay their income tax.
FYI, minors are not exempt from this. According to the Income Tax Act 1967, minors who earn incomes in amounts which fall under the taxable bracket are also subject to tax.
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Therefore, the Inland Revenue Board (IRB) chief executive officer, Datuk Seri Sabin Samitah, is inviting influencers to visit IRB offices as they will be offering guidance and advice on declaring your income and tax calculation.
He told reporters at the Special Voluntary Disclosure Programme (SVDP) seminar, “we are using mediums such as television and radio to reach out to them and we have even engaged with non-governmental organisations to go to schools and universities to create awareness on the matter,”
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According to an IRB officer, the board will be able to detect individuals who fail to declare their income. This is because companies who have paid influencers will be declaring it in their tax form, which state the details of the ambassadors and vendors they’ve hired. #NoEscape
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But wait! There’s good news! Influencers will be allowed to claim for business expenses and tax refunds wherever applicable as well, considering it’s now a legit business model.
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So, if you’re an influencer, it’s best you head on over to IRB soon and get this sorted out. Otherwise, you’re gonna be in a lot of trouble!
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Guess it’s true what they say: There’s nothing more certain in this world but death and taxes.
Info via Malay Mail
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