At least OnlyFans is more feasible to tax than Axie, WHICH IS CRYPTO BY THE WAY
With BIR reminding users that Axie Infinity is taxable, along with social media influencers and online content creators, you know where this is going. They have reminded that OnlyFans users are also liable for tax duties.
Recently, OnlyFans made headlines as it tried to ban pornographic content and heavy sexual content. However due to massive backlash and fear of losing its userbase, the platform reverted the ban and announced that sexually explicit content will remain on the site. OnlyFans without porn is like McDonald’s without obesity problems, or Facebook without fake news. It just doesn’t work that way.
Currently, the platform boasts 1.5 million users, and that number would have been lower if they have proceeded with the ban and could eventually destroy the platform’s business.
The BIR has reminded that sex workers on online platforms like OnlyFans are required to register with the BIR and pay their taxes, in a similar fashion to normal or family-friendly content creators.
“RMC (Revenue Memorandum Circular) clearly refers to all taxpayers, individuals or corporations, receiving income in cash or in kind using online platforms,” BIR Deputy Commissioner Marissa Cabreros said.
In addition, the agency also said that closing one’s account on a social media platform like YouTube and Facebook does not clear them from paying taxes. But it would be quite a stupid move to remove all hard work just because you want to avoid taxes.
In the same report from Rappler, BIR has constantly reminded everyone that so as long there’s a source of income or revenue, regardless of legality, is compliant and subject to taxes.
The BIR has reiterated several times already that income from all sources is taxable, legal or illegal. As long as there’s a flow of income, it shall be subject to tax. That’s applicable to all resident citizens. Unless they’re abroad, they have to comply,” ‘tax expert’ Mon Abrea said.
“Online sellers or content creators are usually making less income, unlike now. So, it definitely got the attention of BIR since they need to collect more taxes,” he added.
Source: Rappler