Taxation of TikTok Live Stream Incom
The taxation of earnings derived from live broadcasts on the TikTok platform is solely the responsibility of the user and bears no direct relation to TikTok. Users must fulfill their tax obligations in accordance with local and national legislation.
TikTok strongly advises users to comply with their legal responsibilities.
Individuals generating income from the TikTok application are required to pay taxes in Turkey. Several key points pertain to the taxation process:
Individuals earning less than 880,000 TL annually may resolve their tax obligations by paying 15% of their turnover under the provisions of the Social Media Exception Law.
Those earning 880,000 TL or more annually should consult with a financial advisor regarding their TikTok income.
tiktok celebrity tax penalty
People who earned YouTube income in previous years did not pay taxes on this income. Later they faced tax penalties. The same situation occurs for people who earn money from TikTok. Many Tiktok influencers received a tax review letter for their 2020-2021 earnings. For these reviews, you can read our TikTok Tax Penalty article.
TIKTOK CELEBRITIES TAX OPENING
Individuals with an annual income not exceeding 880,000 TL may open a bank account using a “Social Media Content Production Exception Letter” obtained from the tax office. A tax deduction of 15% will be applied to all funds deposited into this account. Should TikTok income surpass 880,000 TL within the year, an annual declaration for the excess must be submitted. Additionally, when income exceeds this threshold, it is imperative to obtain financial consultancy services.
For incomes exceeding 880,000 TL annually, it is necessary to establish either a Sole Proprietorship or a Limited Company.
A thorough analysis of TikTok income is essential to determine the appropriate type of company to establish. Factors such as account content, audience demographics, and the specifics of the TikTok phenomenon’s account and content must be assessed.
Accounting Services Offered to TikTok Phenomena Earning Over 880,000 TL Annually:
– TikTok account analysis
– TikTok company establishment
– Filing of legal declarations
– E-invoice portal setup
– Accounting of income and expenses
Be regards,
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