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  #1  
Old 06-24-2016
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Question What are the tax limit for other countries?

Hello all

I know / read that PayPal would report to IRS when you reach either 200 transactions or 20k gross sales in a calendar year in US. So what are the similar threshold or taxable transactions / amount in below countries ?

1) UK
2) Canada
3) Australia

Thank you in advance
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Old 06-24-2016
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Default 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.

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Old 06-24-2016
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Default Re: What are the tax limit for other countries?

Quote:
Originally Posted by GreenBean View Post
but, if paypal sees that projected sales are going to reach the amounts, it will ask for Tax ID early.
this is key for you OP - can't be going hard on sales right away
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Old 06-24-2016
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Cool Re: What are the tax limit for other countries?

Thank you so much for the info , it really helps a lot .
In fact I bought a high limit US account from here thinking that I can sell as much as I want 😂.

And I got about Tax that we should pay , I am from a place where there is no tax and I won't be able to pay tax in any other countries also since I would be running stealth accounts which has different identity . So I needed to find a country / account where I can sell as much as possible .


Quote:
Originally Posted by GreenBean View Post
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.

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Old 06-24-2016
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Default Re: What are the tax limit for other countries?

Yeah I am getting an idea about it that we should go slow for sometime.

Thanks a lot 😊

Quote:
Originally Posted by rsot View Post
this is key for you OP - can't be going hard on sales right away
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Old 06-24-2016
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Default Re: What are the tax limit for other countries?

Nice one.... You picked up quickly on the methods you can use.

S P R E A D sales. If feasible operate more than one account.

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