As if YouTubers from outside of the United States were not facing enough challenges as it is, they will soon have one more thing to worry about. That’s because YouTube has recently announced its decision to start deducing taxes from US earnings of all non-US content creators.
The video streaming platform says that it is required by Chapter 3 of the US Internal Revenue Code to collect tax information from all creators outside of the US.
“Over the next few weeks, we’ll be asking you to submit your tax info in AdSense to determine the correct amount of taxes to deduct, if any apply,” explained Google in an email sent to affected YouTubers. “If your tax info isn’t provided by May 31st, 2021, Google may be required to deduct up to 24 percent of your total earnings worldwide.”
In practice, this means that a content creator earning $1,000 from YouTube every month would lose $2,880 each year by choosing not to submit their tax information. If the same YouTube submitted their tax information, only their US earnings would be taxed, so the annual figure would most likely be significantly lower.
Calculating just how much lower it would really be is fairly easy:
- Log in to your YouTube account and go to YouTube Analytics > Advanced Mode.
- Select a date range in the top-right corner of the analytics page.
- Click the Geography button in the main menu bar and select the United States.
You should now be able to see how much of your total YouTube revenue will be subject to US taxes.
Also Read: The First Space Hotel Is Set To Open In 2027
YouTube gives content creators until May 31st, 2021 to submit their tax information, and the company is planning to start deducing taxes on US earnings as early as June. To avoid missing the deadline, you can update your AdSense account right now:
- Log in to your AdSense account.
- Navigate to Payments > Manage Settings.
- Click Manage Tax Info under United States tax info.
World’s Largest Metaverse Developer Opens Dubai Office
LandVault, the largest metaverse creator, is expanding its presence into the MENA region.
LandVault, the world’s largest metaverse developer, will expand operations to Dubai later this month as part of an ongoing strategy to boost its presence in the MENA region. The company aims to help local businesses gain a foothold in the expanding web 3.0 universe and sees exciting opportunities to bolster its client portfolio.
So far, metaverse developer LandVault has lived up to its name, creating and curating over 100 square feet of virtual space for a diverse range of organizations, including the nearby Yas Marina Circuit, Aldar, Mastercard, Standard Chartered, World of Women, Hershey’s, and many more.
The Dubai government’s Metaverse Strategy is one of the key reasons LandVault has been inspired to move to the region, as leaders plan to transform the Emirate into one of the world’s top 10 metaverse economies by 2030. Eventually, it’s hoped that in excess of 1,000 companies in the blockchain and web 3.0 spaces will be inspired to set up entities in the region, creating around 40,000 new jobs in the process.
“We are excited to open our office in Dubai and to be a part of the vibrant tech community in the UAE. The MENA region is a key market for us, and we believe that our presence in Dubai will allow us to assist the region and explore new opportunities. We are also excited about the potential for the metaverse in the real estate industry in the UAE. We look forward to working with developers and real estate companies to showcase their properties in a new and innovative way,” says Sam Huber, CEO of LandVault.
Alongside developing the metaverse from its new Dubai office, LandVault will also deploy its technology to assist the UAE’s real estate sector. Developers will soon be able to showcase their projects in a way that was never previously possible, reaching a much wider audience with immersive and interactive property tours and even virtual showrooms.