Tax advisory provided to social media influencers for career advancement through fiscal responsibility - Financial advice for social media personalities
In North Rhine-Westphalia, Germany, the financial authorities have launched a series of investigations into the tax practices of influencers and content creators, following evidence of targeted tax evasion. The initial claim of a suspected tax loss of around €300 million appears to be a significant overestimation.
The figure of €300 million referred to the total revenue identified from approximately 6,000 data sets, not the actual tax evasion amount. Consequently, the financial damage caused by tax-delinquent influencers is likely much smaller than originally stated.
The investigations are ongoing, with a focus on income that may not have been properly declared, such as earnings from leftover products or vouchers considered taxable. In response to these investigations, the NRW financial administration has started providing practical tax guidance for influencers via a dedicated website.
The goal of this guidance is to support the influencer industry, create legal certainty, and aid in a successful career path. The guidance covers all tax-relevant topics, including income tax, corporate tax, value-added tax, sponsorships, product placements, merchandise sales, and prize money.
The guidance is intended for both beginners and those already active in the influencer industry, aiming to educate and serve as a partner for individuals building their professional future in this growing and important industry. It's important to note that most of the affected influencers are suspected of deliberate actions.
The NRW Finance Minister, Marcus Optendrenk (CDU), has stated that influencers and content creators form a growing and important industry. The tax authority's investigation and subsequent guidance are part of an effort to create legal certainty and aid in a successful career path for influencers.
[1] Source: NRW tax authority press release [2] Source: Spiegel Online [3] Source: NRW tax authority guidance for influencers [5] Source: Wirtschaftswoche magazine
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