When I was in Singapore few months back, my fellow Singaporean influencers were in an uproar about being taxed.
As an active influencer myself I can relate only too well.
I wouldn’t want to pay the government anymore than deemed necessary, and frankly, the rules of the taxation were a bit ridiculous.
I did however, at that point of time, knew that influencers’ taxation will happen and sooner than later, it will happen in Malaysia.
And so it has.
Today. 26th May 2016.
This is all I have as of now:
I’m talking to my accountant and she will update me when she has more info in a few days.
Meanwhile the question of whether (1) food reviews (calculated as cost per head at the review), (2) the gadgets that you keep after a review, (3) the trips (flights, hotels, food, attraction fees) and (4) other products (dresses, shoes, cosmetics, skincare) will be taxable or otherwise is still unclear.
What we do know FOR SURE is; cash income is taxable.
Bloggers/Influencers: You need to open a new account at LHDN (if you do not already have one) and it will be the Borang e-B from your e-Filling.
Online business (registered company): you need to apply Borang e-P on e-Filling.
Your blog income should be treated as per your normal income.
Eg. Your salary is RM3,000/month.
Gross per annual income is 36,000 per annum. Then total received from YOUR blog is RM4000 per annum/or that particular yeat.
So, your total income is RM40,000.
Then only you minus EPF, SOCSO you contributed and whatever else relief that you are entitled for.
You need to save your statements, records and receipts up to 7 years from this year onwards.
Since this is a new ruling, there will be more statements from LHDN on the tax structure and such.
For more information or enquiries, please visit www.hasil.gov.my
If you want to read the Guidelines on Taxation on Electronic Commerce in English, visit http://www.hasil.gov.my/
For those of you who might want to know how are the taxes like for SINGAPORE influencers, here we go:
Will our Malaysians influencers/bloggers be taxed the same way?
Well, we are awaiting further news….
Getting legal and accounting advice over the day so I’ll be updating this article again.