SushiVid and LHDN to hold workshop to promote tax filing among social media influencers
By Tan Jee Yee March 4, 2020
- Malaysian influencers have progressed to sizeable incomes in a budding market
- Macro-influencers of over 100,000 followers can sustain themselves full-time
Influencer marketing platform SushiVid will be hosting a complimentary workshop in collaboration with the Inland Revenue Board of Malaysia (LHDN) to create awareness surrounding the importance and benefits of tax filing for social media influencers.
The event will be officiated by the LHDN Corporate Services director Hishamudin Mohamed. LHDN will also be providing a number of LHDN officials to assist influencers with their tax paying process and claims.
If anything, the workshop comes as timely, and not just because income tax filing season is just around the corner. SushiVid founder Foong Yuh Wen (pic) feels that Malaysian influencers have progressed to reach sizeable incomes in the past few years.
A micro-influencer starts from 10,000 followers – according to SushiVid in a press release, a hardworking one with that following can net an average of five campaigns in a month.
Macro-influencers with over 100,000 followers, on the other hand, can sustain themselves full-time by posting branding contents. SushiVid notes that there are over 500 influencers within that range in Malaysia.
“Although influencer marketing is only at its budding stage, collectively if all our influencers pay RM1,000 (US$238.83) in income taxes a year, LHDN would be able to collect RM2 million (US$477,669). This is the best part of starting a business - giving back to our country via taxes paid,” Foong says.
According to LHDN, the current tax chargeability indicates an individual earning more than RM34,000 per annum (or roughly RM2,833.33 per month) after EPF (Employee Provident Fund) deductions. Income tax has to be paid on all types of income. Conversely, influencers who earned more than RM3,000 a month from sponsored brand content, paid reviews or online business via social media will also be subjected to income tax.
[RM1 = US$0.23]
There’s no exception for minors. According to the 1967 Income Tax Act, underage children who earn within the taxable bracket are subjected to paying income tax. Their parents or guardians are responsible for declaring their earnings on their behalf.
The SushiVid and LHDN workshop will be conducted on 7 March 2020 in the Sri Intan Meeting Room at Menara Hasil Damansara from 11am to 2pm. Seats are open to the first 100 influencers signing up via this EventBrite link.