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Do I need to Pay Tax
In general, everyone gets the same Personal Allowance, of which limits may be subject to change within one country or may vary from country to country eg. United States File Form 8843 if you are tax exempt. The United States and permanent residents of the United States must report their worldwide inRead more
In general, everyone gets the same Personal Allowance, of which limits may be subject to change within one country or may vary from country to country
eg. United States
File Form 8843 if you are tax exempt. The United States and permanent residents of the United States must report their worldwide income in the U.S. tax returns. However, as the U.S. has a tax treaty with many countries (including India), you will not have to pay double taxes.
Virtual Currency
Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. A virtual currency, such as Bitcoin, that has an equivalent value in real currency or that acts as a substitute for real currency is called “convertible” virtual currency. Convertible virtual currency is treated as property for tax purposes.
In general, Bitcoins should be declared when filing a tax return and are considered additional assets. Bitcoins in your possession may be levied by a property tax. Profit as a result of an increase in price is considered capital gains.
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Form 8949 Individual taxpayers report Bitcoin capital losses and capital gains.
Penalties: Failure to timely file or correctly report virtual currency transactions, may be subject taxpayer to information reporting penalties under Code Sec. 6721, 6722 and tax underpayments attributable to virtual currency transactions, may be subject to accuracy-related penalties under Code Sec. 6662.
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FinCEN Form 114: A US person that has a financial interest in or signature authority over foreign financial accounts must file a Report of Foreign Bank and Financial Accounts (FBAR) if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. FBAR requires reporting of all foreign financial accounts. The types of “accounts” which must be reported are defined very broadly and include traditional checking, savings, money market funds, CDs, life insurance plans, and even online Bitcoin based poker accounts. A US taxpayer’s Bitcoin denominated foreign bank account or an account in a foreign virtual currency exchange, which convert Bitcoins in and out of other fiat currencies, that function similarly to brokerages, and offer a variety of financial services similar to banks or other financial institutions in exchange for fees would be reportable on an FBAR as a foreign financial account.
Penalties: US Bitcoin denominated foreign account holders who did not file FinCEN Form 114 could face steep civil and criminal penalties. Each non-willful failure to file violation can carry a civil penalty of $10,000, while penalties for willful violations could be the greater of $100,000 or 50 percent of the amount in the account for each violation.
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Form 8938: US individual taxpayers report foreign financial assets valued at $50,000 or more.
Penalties: Noncompliance with FATCA subject’s taxpayer to, taxes, severe penalties in excess of the unreported foreign assets and exclusion from access to US markets.
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Form 8975: MNE disclosed to tax authorities information regarding Bitcoin transactions, on a country-by-country basis as follows:
The IRS will automatically exchange filed CbCR with other governments via tax treaties and Tax Information Exchange Agreements. On July 4, 2017 the EU parliament approved making CbCRs publicly available.
Penalties: MNEs that failed to file a CbCR could be subject to penalties under US federal tax rules, and to penalties under rules imposed by the 57 other countries that have agreed to exchange CbCR. The US Supreme Court said in Pasquantino v. US (No. 03-725, 4/26/05) that federal wire fraud charges could be brought against violators of foreign tax laws.
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Disclaimer:
None of the above should be construed as legal advice (Contact your tax advisor for specific tax advice in your country). Please do your own due diligence in researching the applicable financial laws of your country. Please note that all payments are subject to changes in conversions and fees which can depend on individual factors. Mobile-Media.nl holds no liability for customers choice and any subsequent losses. There are common KYC and/or AML requirements that may apply for issuing a Mobile card.
See lessDo I need an account
NO, any buying does NOT require the user to be registered.
NO, any buying does NOT require the user to be registered.
See lessSell Products & Services
To sell, you first need to register for an account if you don’t have one. Your account must also be set up for selling. You may need to verify your contact information and add a payout address so transfer of your payments can be arranged. Once connected with Stripe, you are ready to collect (mobile)Read more
To sell, you first need to register for an account if you don’t have one. Your account must also be set up for selling. You may need to verify your contact information and add a payout address so transfer of your payments can be arranged. Once connected with Stripe, you are ready to collect (mobile) payments.
See lessVerify Identity
All payment providers must comply to a KYC (Know Your Customer) AML (Anti Money Laundering) and/or CTF (Counter Terrorist Financing) Policy. Social Wallet Please confirm your identity first within your dashboard in order to receive payouts as a seller. Mobile Card You need to send us a copy of a valRead more
All payment providers must comply to a KYC (Know Your Customer) AML (Anti Money Laundering) and/or CTF (Counter Terrorist Financing) Policy.
Social Wallet
Please confirm your identity first within your dashboard in order to receive payouts as a seller.
Mobile Card
See lessYou need to send us a copy of a valid ID and a proof of residence (recent utility bill or bank account statement) in order to get verified and withdraw funds.
Mobile Card
An NFC card to accept payments of any amount without the need of any additional hardware. Use any smartphone or tablet to get paid. The technology involved is deceptively simple: evolved from radio frequency identification (RFID) tech, an NFC chip operates as one part of a wireless link. Once it's aRead more
An NFC card to accept payments of any amount without the need of any additional hardware. Use any smartphone or tablet to get paid. The technology involved is deceptively simple: evolved from radio frequency identification (RFID) tech, an NFC chip operates as one part of a wireless link. Once it’s activated by another chip, small amounts of data between the two devices can be transferred when held a few centimeters from each other.
See lessActivate Mobile Terminal
Order one or several Mobile Cards for multiple uses in your shop. There’s No Limit in how many Mobile Terminals you want to use. Please connect your Social Wallet first to receive instant payments & transfer all your funds automatically to your connected Stripe account.
Order one or several Mobile Cards for multiple uses in your shop. There’s No Limit in how many Mobile Terminals you want to use.
See lessPlease connect your Social Wallet first to receive instant payments & transfer all your funds automatically to your connected Stripe account.
Business Opportunities
Sell online, market or promote your business, brand and products by using a direct link to your Mobile Terminal. Manage all your influencer marketing campaigns through one beautiful dashboard. Generate new income directly from any mobile device, perfect for managing orders on the Go! Open up an entiRead more