Earning Via Social Media To Have Increase Taxes

According to terms set by the international lender, plans are underway to increase taxes on income of over Rs1 million per annum. In pursuance of its program, the IMF decides to ensure tough conditionality’s are complied with by the government. Measures such as reduction in income tax credits and allowances are a consequence of this program. An indication has been given by credible sources that an upward trend in taxes on income from social media platforms such as online games, TikTok and YouTube is also expected. Time will tell whether the taxes are implemented or not. The content makers might not welcome these increased taxes. This new taxation policy may work as a double edged sword. Keeping in view this new taxation policy, it may compel those associated in social media sector to flee this platform and explore alternate avenues for success. Also Read: Telenor and Jazz Seek Reduction in Withholding Tax