The government is finding ways to determine revenue leakages from social media influencers as it reminded members of the industry to register and pay correct taxes.
Finance Undersecretary Antonette Tionlo said “the Bureau of Internal Revenue is studying it right now.”
“They are aware. It’s a rough estimate, but we will know once they register,” she added.
She said another way of determining revenue leakage figures is “to look at their counter parties, to audit their counter parties, like the ones that advertise and all that.”
“You can see the match. That’s the way to do it. Hopefully, when they register, we will get a number,” she added.
The BIR recently issued Revenue Memorandum Circular (RMC) No. 97-2021 reminding people using social media platforms like Facebook, Instagram, Twitter, YouTube, and TikTok of their responsibilities to pay correct taxes.
The BIR issued RMC after receiving reports that some social media influencers are not paying income taxes.