Many people in the Philippines are now making a living from online streaming services like Twitch and YouTube. However, streamers must pay taxes on their earnings just like everyone else who earns money. We will address some often asked inquiries about taxes for streamers in the Philippines in this article.
If a person’s annual income reaches Php 250,000, they must submit taxes in the Philippines. As a result, if you stream on Twitch or another platform and make more than this sum, you must register as a taxpayer and file your taxes.
The 1099 form used in the United States has no equivalent in the Philippines. If you have paid people or businesses for services done, you might need to submit a Summary Alphalist of Withholding Taxes (SAWT) to the Bureau of Internal Revenue (BIR). The BIR’s Electronic Filing and Payment System (eFPS) can be used to create this form. Where can I receive 1099 documents without paying anything?
So what happens if I don’t receive a 1099?
In conclusion, streamers in the Philippines must pay taxes on their revenue if it reaches Php 250,000 per year. Streamers may be required to create the Summary Alphalist of Withholding Taxes (SAWT) using the BIR’s eFPS even if there is no 1099 form in the Philippines. To prevent fines and interest, it’s crucial to register as a taxpayer and file your taxes.
If you are a UK-based Twitch streamer, you are required to pay taxes on any revenue derived from your streams. Twitch revenue should be reported as self-employment income when you sign up for self-assessment with HM Revenue & Customs (HMRC). You must file your taxes on time each year and maintain precise records of your earnings and outgoings. To make sure you are complying with all legal requirements and taking advantage of any applicable deductions or credits, it is advised that you consult with a tax expert.