Question about internet income taxes

Discussion in 'BlackHat Lounge' started by SebiP, May 7, 2012.

  1. SebiP

    SebiP Regular Member

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    Hello , I am 17 years old and I live in Romania , and I am wondering if I can get in any trouble by not paying any taxes . My father said that I earn too much and that I need to pay taxex like 16 % for any salariate and 24 % for TVA , that's 40 % from my total income , and if I want to loose those 24 % , I have to open a company on my name but I am not 18 years old , I am really confused here . I just don't want any surprises , and to be legal . I heard from some internet marketers that you don't have to pay taxes off foreign earnings within the european union , is that true ? I am looking for a safe response , thanks .
    Also if I withdraw more than 10,000 euros from my account I have to proove from where did that income came , otherwise I am in big trouble .
     
    Last edited: May 7, 2012
  2. Crystical

    Crystical Registered Member

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    I'm not sure about your other questions, but are you sure you can only set up a company when you're atleast 18? I myself am 17 and have a company. I'm from the Netherlands though, I'm not sure how it works in Romania. But you may want to double check that.
     
  3. Roparadise

    Roparadise BANNED BANNED

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    You have to pay the 16% tax,not sure about TVA tax. It depends on how you are earning it,if its just adsense/adbrite etc revnues then you wont need to pay the 24% TVA tax. If your a Romanian resident for the tax year in question,then you will have to pay income tax on the money you make no matter where it comes from.

    http://www.worldwide-tax.com/romania/romania-vat-taxes.asp
    http://www.worldwide-tax.com/romania/romania_taxes.asp

    Edit:

    If your making alot,then just go to a local personal financial advisor for more informastion.
     
    Last edited: May 7, 2012
  4. SebiP

    SebiP Regular Member

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    Well , I am working with CPA companies and I submitted a W8 Tax Form for them . So you say I just need to pay that 16 % tax from my income every time I withdraw an amount ?
     
  5. Blue_Monk

    Blue_Monk Registered Member

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    In theory you should pay the 16% ( the income tax that applies to anyone over 14). The VAT doesn't apply to you since you're not even a PFA (self employed in other countries).

    Don't register a company or you'll end up paying at least the following :
    - Profit tax
    - VAT
    - Minimum wage taxes for 1 person ( you must have at least 1 employee as far as i remember)
    - Tax for that minimum wage if you make it part time you get of cheaper with about 20-40 RON for every 100 RON (or so) - If you want i can ask a friend the exact %
    - About 50 Euro/month for an accountant ( or a company to to the paperwork for you)
    - the required "donations" for every yearly tax check ( it's a minimum of 500 RON for each representative - usually they come in pair).

    Please note that you don't need a company even if you get to $50000/day. Just to pay the income tax. The % changes for bigger ammounts. That is called "Luxury and high income tax" if i remember it well.

    There may be some more.
    DON'T make a company.

    PS. In Romania you need to be 18 to be able to have a company or register as a PFA(self -employed). You can start working legally at 16(or 14) with the written approval of the parents.


    Mate. Just don't go there. I closed my company (the black hat way :p - Romanians know what that means) and left the country in 2010. Sick of those politicians raping my account with every opportunity.
     
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    Last edited: May 7, 2012