YouTubers facing lesser payment
YouTubers outside the U.S. are going to be affected by a recent announcement by YouTube. The search giant informed all YouTubers in an email that, it will be "required to deduct US taxes from payments to creators outside of the U.S." Thus, American YouTubers will not have to take an additional tax burden. The deduction is going to be effective from as early as June, 2021.
YouTube will ask for tax info in the coming weeks to determine the correct amount of taxes to deduct. "If your tax info isn't provided by May 31st, 2021, Google may be required to deduct up to 24% of your total earnings worldwide"- informed Google in official communication.
New tax rules for YouTubers outside the US: *If a YouTuber ignores and doesn't submit tax info will require to pay 24% of his total monthly earnings across all regions. *If a YouTuber submits tax info and eligible for a treaty benefit will require to pay 15% tax from the money s/he makes monthly from viewers in the U.S. *If a YouTuber submits tax info and not eligible for a tax treaty, will require to pay 30% tax from the money s/he makes monthly from viewers in the U.S.If you are making money from YouTube, it is advisable that you visit Google’s support page for relevant tax information and documentation. The deadline to submit the tax info is May 31, 2021.
