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Thursday, June 20, 2024

Google will introduce taxes for youtube bloggers

Google may begin withholding income tax from youtube bloggers in June. This was said in a statement.

Google intends to tax the income generated by bloggers from viewing content in the United States.

These include revenue from ad views, youtube Premium, superchat, and sponsorships. Bloggers must submit tax information to Google Adsense by May 31st.

The tax rate varies from 0 to 30%, depending on whether there is an agreement between the countries to avoid double taxation.

If a user does not submit tax information to AdSense by the end of May, all of their youtube earnings will be automatically taxed at a rate of up to 24%.

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That is, the tax will be withheld on the entire amount, and not just on income that is received from viewing content in the United States.

Google’s potential income tax is related to changes in US tax laws, according to which the company is obliged to collect taxes on income of channel creators from American viewers.

On February 17, the Verkhovna Rada adopted as a basis the bill №4184, which will oblige Facebook, Netflix, Google and other technology giants to pay VAT in Ukraine. The purpose of the bill is to increase the state budget revenues from value added tax.

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