Ah, bloggers. There are the great ones who garner huge followings, and then there are those who strive to grab as many freebies as they can. Well, these ‘freebies’ now come at a price.
Yesterday, several bloggers were taken aback by an Inland Revenue Authority of Singapore letter notifying them that all non-monetary benefits have to be declared as part of their annual Income Tax Return, reported Channel NewsAsia. Basically, that includes any sponsored products or services they receive.
According to a statement by the IRAS, “payments in exchange for services performed by social media influencers such as bloggers, YouTubers, etc. can take the form of money, goods or services. All monetary and non-monetary payments / benefits-in-kind are taxable if they are given in return for services rendered or to be rendered by you.”
Responses from the blogging community expressed frustration. Kenneth Lee, of 5meanders, said: “I think it’s sad, and a little funny, that we’ve come to a point in our country’s storied existence when a channel of expression is taxable.”
Meanwhile, others have claimed that this isn’t a new move. IRAS acknowledged this was part of its regular engagement with the self-employed, and not a measure specifically targeting bloggers.
