Do You Now Need To Pay Tax On Your PayPal Money?

[Good-Guy]

Paying taxes is something that is obligatory on each and every citizen of a country. there are only a handful of countries that do not collect taxes on most of the services or products. But almost 99 percent of all the countries collect tax on majority of the products. However, one of the most interesting aspect of tax collection is the collection of tax funds on transactions. In many countries, the government collects taxes when you carry put money transactions using banks. However, now according to the news which was released by the media, it seems that American citizens, who hold a PayPal account, are also required to pay takes to the Internal revenue Service.

This rule has been implemented since 1st January, 2022. I am not sure if this rule is for PayPal business account holders or for all kinds of PayPal account holders. According to the reports which I read, any kind of PayPal transaction ($600 or more) would be taxed by the government. I know that not many people have had carried out such transactions. As for those folks who have been making huge transactions, have you seen any kind of tax deduction on PayPal account. this tax rule is solely for PayPal account holders who live in the United States, it is not for PayPal account holder who live in other countries.

 

[Suba]

To my knowledge, non-business PayPal accounts are not taxed, PayPal tax is only for Business accounts for American citizens, especially for businessmen who have sales turnover above $20k per year, the PayPal team will report to the IRS, and PayPal will deduct the tax fee of 9 % plus a 2.5% transaction fee. Paypal tax rules have been in effect since Nov 2021.

 

[Bookwormlux]

I do not see any need to tax individuals for Using PayPal to complete their transactions, as a matter of fact not every one is even making use of so much money, not to talk about losing more of it to some charges tagged as taxes by the government.

I only believe that those who need to be charged are people who control the economy and make the most money for themselves, this is exactly what happens in general.

In my country, we ain't even allowed to fully utilise the opportunities that abound in making use of PayPal and this has caused a lot of us to rather consider better alternatives like crypto currencies that has made things to to on smoothly for us ever since PayPal decided to block us.

I still believe that even with the cryptocurrencies, the government won't bother to tax us on charges agains because they have got other means of taking out their charges even before we get paid from our salaries. This is the major reason why they do not bother about other means of taking charges from the citizens again. This is the best way to curtail a situation where citizens would be come out and protest against them.

 

[niche]

The paypal income is added to the other income, and taxes have to be paid if the total income exceeds a specific amount. In some countries, due to the dishonesty of top tech and internet companies, well paid greedy government employees are falsely claiming to own the paypal account of private citizens and getting monthly government salaries in the internet sector as online experts. though these well paid greedy government employees do not show the paypal income in their tax returns .