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Tax On Youtuber Earnings: Youtube new tax policy details

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Tax On Youtuber Earnings

Highlights:

  • Youtube provides new tax policy details, that will levy a tax on YouTuber earnings.
  • The new policy does not affect US-based creators.
  • The additional tax for non-US-based creators may start coming into effect from June 2021.

Earning money from YouTube will not be as easy as before. Actually, YouTube is now preparing to collect the tax. Due to which you will see a decline in the earnings of YouTubers.

Although YouTubers of America were relieved in this, YouTube tax will be collected from YouTube creators outside the US. On the other hand, if you are a YouTuber of India, then you will have to pay tax.

Youtube Parents approved accounts

YouTube is bringing its new policy. The new policy will come into effect from June 2021. Google-owned company YouTube has sent an email to its creators and has given information about the new policy in it.

YouTube has informed creators about the update and has asked them to provide their tax information in their AdSense account as early as possible.

If a creator isn’t able to provide the information by May 31, the company said that it might need to deduct up to 24 percent of their total earnings worldwide.

Tax On Youtuber Earnings: Rates

You do not have to pay any tax for the money, they are making from viewers outside the US as long as you provide relevant tax documentation. YouTube has created a video to explain the change and help creators provide their tax information.

However, the new policy of YouTube is quite opposed by the creators. Criticism has also started on social media.

Rates:

If you ignore and don’t submit tax information: You will have to Pay 24% of your total monthly earnings across all regions.

If you submit tax info and eligible for a treaty benefit: You will have to Pay 15% tax from the money you make monthly from viewers in the U.S.

If you submit tax info and not eligible for a tax treaty: You will have to Pay 30% tax from the money you make monthly from viewers in the U.S.

Thanks For Reading!!
If you are making money from YouTube, it is advisable that you will get through all terms and conditions for relevant tax in this article as the deadline to submit tax info is 31st May 2021.
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