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Thread: Paying tax on sponsored items

  1. #1
    Senior Member UncleFai's Avatar
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    Default Paying tax on sponsored items

    http://www.lollipop.sg/newsroom/spor...air#xtor=CS1-2

    Fair or not fair? What's your take?

    My take: I think it is fair. Problem is in the valuation.

  2. #2

    Default Re: Paying tax on sponsored items

    Quote Originally Posted by UncleFai View Post
    http://www.lollipop.sg/newsroom/spor...air#xtor=CS1-2

    Fair or not fair? What's your take?

    My take: I think it is fair. Problem is in the valuation.
    They don't want another Najib RM2.6 billion donation incident here
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  3. #3
    Senior Member Kit's Avatar
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    Default Re: Paying tax on sponsored items

    Where do you think $$$ for MediShield Life come from?

  4. #4
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    Default Re: Paying tax on sponsored items

    There is nothing fair or unfair about this. This is common tax practise around the world over. If you are sponsored, it's considered a benefit-in-kind, especially if it's from a commercial entity to another commercial entity. Come on, if you are making your income blogging, you should at least do your own homework on tax for self-employment.

    As I understands it, bloggers or social influencers in the US also have to file their sponsored items for tax.

  5. #5
    Senior Member sammy888's Avatar
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    Default Re: Paying tax on sponsored items

    Quote Originally Posted by UncleFai View Post
    http://www.lollipop.sg/newsroom/spor...air#xtor=CS1-2

    Fair or not fair? What's your take?

    My take: I think it is fair. Problem is in the valuation.
    Business is Business.. She want you to think she is doing this out of love and charity? If there is no ruling on this, how easy would it be to abuse it? And on the other hand, if the sponsored amount or item is not tax and paid by her, then they want the client or sponsor to pay for it? If so, how easy would you get sponsorship from then on? Small item is no issue but large sum of money or items then?

    Someone has to pay. Nothing is free. And it's to prevent abuse by certain segment of people. So she want to make big money and get a way with paying the dues? Think this is bad? Google taxation in the other countries in the free world. heh.
    Last edited by sammy888; 19th March 2016 at 12:38 AM.
    A good photo's 45% you, 45% practice & 10% equipment. A bad photo share the same ratio.

  6. #6
    Senior Member Sion's Avatar
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    Default Re: Paying tax on sponsored items

    Quote Originally Posted by UncleFai View Post
    http://www.lollipop.sg/newsroom/spor...air#xtor=CS1-2

    Fair or not fair? What's your take?

    My take: I think it is fair. Problem is in the valuation.
    It's fair because:

    More tax on bloggers = Less less on cameras.

  7. #7
    Moderator Octarine's Avatar
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    Default Re: Paying tax on sponsored items

    The companies can list these sponsored items as "marketing efforts", depending on the country it will be counted as tax relief. Why shouldn't it then be counted as "indirect income" for those receiving it? If the bloggers didn't ask for it then send it back. If they use it and benefit from it, then taxes apply. Simply.
    EOS

  8. #8
    Senior Member UncleFai's Avatar
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    Default

    Quote Originally Posted by Octarine View Post
    The companies can list these sponsored items as "marketing efforts", depending on the country it will be counted as tax relief. Why shouldn't it then be counted as "indirect income" for those receiving it? If the bloggers didn't ask for it then send it back. If they use it and benefit from it, then taxes apply. Simply.
    Wah... Like that if Canon sponsor me the new 1DX2 and 600f4 together with the prime L lenses, I might have to say no wor... :S

  9. #9
    Senior Member richiemccaw1's Avatar
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    Default

    Its ok. Id gladly pay taxes on those.. Pay 10-20% better than 100% retail price leh.

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