Youtubers and influencers will have to pay 15% of their income in taxes, and open an account at a bank based in Turkey.
Youtubers and influencers will be obliged to pay 15% of their income in taxes in Turkey, according to a new law that the Turkish government is preparing for approval, and that establishes the tax obligations for people who earn money through advertising thanks to its influence on social networks, or by creating online content.
As revealed by Turkish media, the future law establishes, for example, that youtubers who earn less than 880,000 liras a year in Turkey – slightly less than 62,000 euros – will have a tax withholding of 15% of their income, and will not have to declare their earnings as long as they open an account with a bank established in Turkey. If, on the contrary, it is found that they have not opened an account in a bank based in the country, and that they have not deposited all their income in it, the new legislation provides for economic sanctions.
According to official data from the Turkish tax authority, it is estimated that around 20,000 Turkish citizens regularly earn income through social media and platforms such as YouTube; of these, about 14,000 earned a total of about 4,000 million liras – 278 million euros – according to a study carried out between 2018 and 2020.
The new regulation on the taxes that youtubers and influencers must pay in Turkey, comes after, at the beginning of this year, Turkish authorities carried out inspections in banking transactions and earnings of the main youtubers in the country, in order to verify that they were not evading their tax obligations. The top 25 YouTube stars in Turkey are estimated to have over 113 million followers, and generate combined advertising revenues of around €550,000 monthly.
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When Monica finished her business degree, she had the idea to celebrate it travelling: that’s how she ended up visiting Turkey, and she liked it so much… that she decided to stay and live there! And she is still there, reporting from the city of Bursa on the latest news about the interesting Turkish economy.