Want P1 Million? Just Report a Tax-Evading Influencer
That headline might seem like spam, or worse, a YouTube title, but it’s actually the law.
The taxable income of social media “influencers” has been all over the news lately after the Bureau of Internal Revenue issued a circular meant to remind influencers to pay their taxes. As self-employed and earning individuals, influencers have always been required to pay taxes, but a friendly reminder from BIR made the topic trend online.
Apparently, there are quite a few influencers earning money but evading their taxes. If these lawbreaking influencers are caught, they’ll face a hefty fine of at least P500,000. And if you help the BIR catch them, then there’ll be a sizeable monetary reward waiting for you.
Former BIR examiner and tax expert Mon Abrea went on One News’ Agenda program to remind the public that you can actually earn when you report on fellow citizens who evade taxes.
Call it a cash reward or a bounty, the P1 million incentive for those help the BIR catch influencers who don’t pay their taxes is actually written in the law. According to the amended National Internal Revenue Code of 1997, an equivalent of 10 percent of a tax evader’s taxes and penalties will be awarded to whoever helps the BIR or Bureau of Customs catch someone guilty of tax evasion, fraud, or smuggling.
The cash reward can either be 10 percent of the taxable income or P1 million, whichever is lower. Considering that some YouTubers earn millions nowadays, getting P1 million in influencer bounty money is not that impossible.
The only catch? The Informer’s Reward is subject to a 10 percent income too. After all, nothing and no one can escape taxes.