Tax Authorities Target Influencers for Undeclared Income

07:58 11/9/2024 - Πηγή: iEfimerida

Greek tax authorities are intensifying audits of social media influencers to uncover tax evasion cases. Early investigations have already revealed significant instances of undeclared income, with one notable case involving a model and influencer who failed to report €350,000 in earnings from online sales.

As the tax net

widens, authorities are now focusing on TikTokers and their activities.

Income from product promotion and advertising on TikTok is classified as business income, requiring creators to register as businesses and comply with tax obligations, including VAT, income tax, and electronic bookkeeping.

TikTok creators earn money through various channels, including "TikTok Live Gifts" and the Creator Fund. Partnerships with major brands can also significantly boost earnings.

According to HypeAuditor, TikTok's global reach and engaged audience present substantial earning potential for skilled content creators.

Earnings for TikTokers can vary widely based on their follower count.

While nano-influencers may earn $20-$100 per post, mega-influencers with millions of followers can earn millions annually.

The substantial earnings of top influencers have attracted the attention of tax authorities worldwide. In Greece, tax agencies are stepping up their efforts to track undeclared income despite the challenges posed by digital transactions and cryptocurrencies.

Countries like the United States and Turkey have launched crackdowns on social media influencers to combat tax evasion and increase government revenue.

By Giorgos Pappous

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