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Are you running a YouTube channel? Do you have substantial viewers coming from the U.S.?

Then you might want to sit down and take a few breaths first as we have news for you.

The popular online video-sharing platform has announced that it will soon charge taxes on creators living outside the United States for earnings generated from US-based viewers.

The Google-owned company has already informed creators through email about the new policy that will be starting as early as June 2021.

Creators have also been asked to submit their tax information in AdSense for the company to determine the right amount of taxes to be deducted.

Failure to submit tax information by May 31, 2021, may result in Google deducting up to 24 percent of a creator's worldwide total earnings.

The policy, according to the company, is under Chapter 3 of the U.S. Internal Revenue Code which requires companies to gather tax information from “all monetizing creators outside of the U.S. and deduct taxes in certain instances when they earn income from viewers in the U.S.”

It further stated, “For creators outside of the U.S., we will soon be updating our Terms of Service where your earnings from YouTube will be considered royalties from a U.S. tax perspective.

“This may impact the way your earnings are taxed, and as required by U.S. law, Google will deduct taxes.”

As expected, the news was met with various reactions from people, particularly creators, who voiced out their feelings on Twitter.

Embed tweets:

since 30 min i sit infront of my PC and i still have no idea how it works to fill in the form for the @youtube taxes😂 pic.twitter.com/sqcmHvyOXp

-- fab 🏡 flubs (@flubs79) March 10, 2021

I've just been forced by YouTube to fill in Tax Information that I have 0 knowledge about so either everything goes perfectly fine or I go to jail for putting unaccurate info... pic.twitter.com/1LzdpuucXH

-- DeathStalker (@DeathStalker131) March 11, 2021

YouTube getting me to file US tax info I don't even know how to do it here pic.twitter.com/foh0CSXI3R

-- purpleteapot (@purpleteapot1) March 10, 2021

YouTube will now be deducting U.S. taxes even for creators outside the U.S.

Don't complain when your favourite creators do more brand deals lol pic.twitter.com/TQKI4UFwv5

-- Safwan AhmedMia (@SuperSaf) March 9, 2021

How about you, mga Kapuso, what do you think of this new policy and how do you think it will affect our local creators with viewership in the U.S.?

Meanwhile, check out these celebrities who also have a YouTube channel: