Good-Guy
VIP Contributor
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.
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.