Community Discussions
Explore the latest discussions and community conversations related to this domain.
Tax details demanded by Payoneer
Main Post:
I have received an email from Payoneer demanding the tax details (some W form) on the behalf of photomath. I am from India and we don't have such forms available. How is it going to affect me if I am not able to provide this form.
Also, please note that I am still in the tests and training process but I really want to know if I won't be able to receive any payment because of the inability to provide the W form as requested.
Top Comment:
You are an independent contractor, freelancers. If you don't fill this form, 30% of you payments will be withhold for tax purpose. The form you have to fill is W-8ben. There is a specific % of our payments and salaries that foreign countries hold when working for foreign companies. Different types of work have different % withhold with foreign countries.
Fortunately, for freelancing and independent contractor (in your case) there is 0% withholding.
You have to fill the form, you will have to provide your details and then under ' Article 15 paragraph 1' there will be '0%' withholding for working as 'Independent service provider'.
If still you won't be able to fill it properly look for W8 Ben form filling for Independent service providers.
Details about tax / VAT after January 1, 2021 for UK buyers
Main Post:
As far as I'm aware, after January 1, 2021 the EU abolishes the VAT-free limit for packages below €22. Any package will need import clearing and VAT to be paid.
Does anyone have any information about how this will work in the UK from January? Will VAT be added at the point of purchase on the website?
Any advice would be appreciated
Thanks
Top Comment: At the moment it’s a complete unknown. It’s up the the UK to decide whether there will be de-minimis rules and what those rules will be. The UK Government could set them to be the same as the EU, or be more generous, or less generous. I wouldn’t even begin to go into it in detail, no ones knows what’s going to happen right now.
Do EU banks report details to tax authorities of other EU countries?
Main Post:
Situation is this:
- I'm a US citizen
- I reside in the European Union.
- I do freelance on the side from my EU country of residence and my services are provided to various EU countries.
- While I'm not an LLC, I do have an official business ID and business VAT/tax ID in my residence country.
- I want to have a separate business bank account and TransferWise has this "borderless" account, although for the Euro side it's run and held within a German bank Handelsbanken.
- My country of residence is not Germany.
To clarify, my reason for doing so is:
- To keep my personal funds and my business funds separate. The Transferwise borderless account is totally free and separate from my personal residence country bank account.
- My own personal bank my residence country would charge me a hefty monthly fee to have a separate account for my side business.
- I want to do all of this legally and don't want to cause any red flags to my residence country's tax authorities.
Question:
Do EU banks report and share information on their personal clients and business clients to either other country tax authorities or other EU banks in other EU countries?
Top Comment:
> Do EU banks report and share information on their personal clients and business clients to either other country tax authorities or other EU banks in other EU countries?
Yes
PM Rishi Sunak publishes details of tax paid
Main Post: PM Rishi Sunak publishes details of tax paid
Top Comment:
Wait? These details are published while Boris Johnson is being questioned by committee over his possibly intentional misleading of the House of Commons?
Gosh, what a coincidence.
computershare tax details : Spielstopp
Main Post: computershare tax details : Spielstopp
Need Help: Entering "Tax Details" at Computershare : Superstonk
Main Post: Need Help: Entering "Tax Details" at Computershare : Superstonk
How to add tax details to my account? The web of automated "help" is simply useless.
Main Post:
Got this email last week
We want to inform you about the introduction of a value-added tax (VAT) on your invoice which will be implemented starting December 1, 2024. You will need to update your OpenAI account to include a valid tax registration number (TRN), as outlined below.
In compliance with the UAE’s Federal Decree-Law No. 8 of 2017 on Value Added Tax: If you are registered for VAT in UAE and have a valid TRN, please include it in the Tax Status and ID section of your OpenAI account. If you do not provide a valid TRN by December 1, we will be required to charge and collect a VAT of 5% on your invoice.
If you have any questions or require further clarification regarding the introduction of VAT on future invoices, please do not hesitate to reach out to our customer support team.
Ok, no big deal, this should be easy, right?
- There's nowhere in the 'Settings' area of my account to enter this info
- I've found it utterly impossible to find any meaningful way to "contact the support team" as they suggest
Anyone else had to do this recently in their country?
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EV Tax Credit Details in the Inflation Reduction Act
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• New electric and fuel-cell vehicles will get a tax credit up to $7,500. Some plug-in hybrid vehicles will also continue to qualify.
• Only vehicles that cost below a certain amount will qualify. For SUVs, pickup trucks, and vans, the threshold is $80,000. For sedans, hatchbacks, wagons, and other vehicles, the credit cuts off at $55,000. Read more about affordable EVs.
• There will be no limit on the number of vehicles an automaker can sell that are eligible for the credit.
• Unlike in prior years, the exact amount of the new tax credit will depend on a complex set of calculations based on where the vehicles are assembled and where the materials that make up their batteries are sourced. These requirements get stricter each year through 2026.
• Only vehicles assembled in North America will be eligible for a tax credit.
• Starting in 2024, dealerships will be able to offer the value of a tax credit up front to consumers. This may simplify the process for car buyers.
• Car buyers must meet certain income guidelines. Households with an adjusted gross income up to $300,000 will still qualify for the credit, while heads of household must be below $225,000 and individual filers will qualify only with income below $150,000.
• For the first time, buyers of used EVs will get a tax credit: either $4,000 or 30 percent of the sale price of the vehicle—whichever is lower—but only if they buy a car from a dealership.
• The income threshold is lower for used EV buyers: $150,000 for joint filers, $112,500 for a head of household, or $75,000 for an individual.
• Bidirectional EV chargers—ones that can also power your house using the energy stored in your car’s battery—are now eligible for tax incentives.
Top Comment:
Can't wait to hear from Rivian on the bill of sale plan this week. I hope rivian is able to get 50-75k units with the credit before r2.
Really hoping Rivian survives.
Federal Gas Tax Holiday: Details & Analysis | Tax Foundation
Main Post: Federal Gas Tax Holiday: Details & Analysis | Tax Foundation
Top Comment:
Kind of sad at this point how economically incompetent administration is. Let's try to curve inflation by doing stuff that makes it worse.
New Details on EV Credits in Reconciliation Bill
Main Post:
Tonight 645 pages of tax legislation dropped that is a first draft of language to be included in the reconciliation bill that the Democrats are trying to pass later this year. Of course, all of this is subject to change, but highlights from my skimming are below:
New EV credit that is the sum of:
- $4,000 base amount
- $3,500 if the EV has a battery of at least 40kWh
- $4,500 if the final assembly occurs at a domestic, unionized plant
- $500 if at least 50% of components and battery cells are manufactured in the US.
The credit is now refundable, and can be remitted to the dealer at the point of sale. The credit also has an income limit, but only phases out above incomes of $400,000 Single/$800,000 MFJ. There are also new MSRP restrictions, so any EV above the following MSRP's is ineligible for a credit:
- $55,000 for a sedan
- $64,000 for a van
- $69,000 for an SUV
- $74,000 for a pickup
There would also be a new credit for used EV's of up to $2,500. The sale price of the used EV would have to be less than $25,000, and would phase out for buyers over $75,000 Single/$150,000 MFJ.
It looks like this would all take effect in 2022, and replace the existing credits. Here is the link in case anyone wants to read and discuss (starts on p. 282): https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/SUBFGHJ_xml.pdf
Top Comment: I can't believe I'm at a point in my life where I'm excited for first drafts of legislation to drop.