Re: What are the tax limit for other countries?
Paypal US reports to the IRS as you described. but, if paypal sees that projected sales are going to reach the amounts, it will ask for Tax ID early.
UK has anti-money laundering regulations where ID is needed when the account reaches EU 2600 euros or £1700 sterling.
Australia's limit is worse! Sellers are asked for ID when AU $1000 is reached.
Canada is marginally better. It is EBAY that chases info. Threshold is $30,000.
What I really suggest is you read the relevant paypal pages as well so you know exactly what happens.
Regarding these limits, keep in mind there are work arounds. But, what should not be ignored is this.
If you earn money, you pay taxes, regardless of a country. |