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Which payment system do not report taxes?

Discussion in 'Business & Tax Advice' started by MayerL, Aug 31, 2012.

  1. MayerL

    MayerL Registered Member

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    Hello!

    I´m very interested in payment systems who do not report taxes. I´m living in Europe, but not in Germany. I´m a real beginner in earning
    money with the inet. There are many payment systems like Moneybookers, neteller, alertpay, western union und much more.

    But which of them do report taxes and which not?

    greetings

    MayerL
     
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  2. zebrahat

    zebrahat Elite Member

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    I believe non-US based payment systems do not report if you are not US. They may report to other countries, but most governments are not as obsessive about trying to minutely track your every financial footstep as is the US.
     
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  3. MayerL

    MayerL Registered Member

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    Hello

    zebrahat Thank u for ur answer, i thought the same, but i wasn´t sure and i do not want to make any mistakes cosidering that, so i decided to ask the experts here

    greetings,

    MayerL
     
  4. Petko

    Petko Junior Member

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    Hi mate,

    you have to consider the bank account. Many online payment methods such as moonebookers, paypal, you have to withdraw your money to your personal bank account. At least I'm doing that as I feel safety. But for example in Bulgaria, my bank wanted to provide prove for the money if they are more than 15000 EUR. My point is to check your bank if they are reporting somewhere your funds.

    Hope that helps a bit :)

    Cheers
    Petko
     
  5. MayerL

    MayerL Registered Member

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    Hello Petko!

    But for example with moneybookers u can use a debit card to get ur money and i think the same is possible with Neteller, or am i wrong?
     
  6. Petko

    Petko Junior Member

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    Hi MayerL
    Yes you could use debit card, but it has limit. Also debit card is good to buy some small things, but if you are making couple of 1000s and want to buy a car for example, I'm sure you can't do it. ( you probably can, but have to increase the limits, which will take some time). It is better if those money are at your bank account and you could withdraw them and buy the car almost immediately . Also I will not keep such money into my online wallet, for security reasons. Maybe I'm suspicious, but that what I'm doing and it works for me.

    Cheers
    Petko
     
  7. MayerL

    MayerL Registered Member

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    Another way could be to set up an offshore company, maybe it´s better for larger amounts, but it is different from country to country. It has to be a bullet proof one, because i had bad experience with such an company, so i´m very sceptical about that and now i want to try those payment systems hoping to have more luck.

    greetings,

    MayerL
     
  8. phpfail

    phpfail Regular Member

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    Im in the US and wondering if there is a way to get receive money without it being reported. I bet there isn't tho. Damn uncle sam!
     
  9. Petko

    Petko Junior Member

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    Hi MayerL,

    Yes, offshore company is a good option. I'm sorry that you has bad experience with the'm sure you could make deeper research about offshore companies and to find what is suitable for you. To be honest many US companies such as broker firms are using them successfully, but you have to find the right one. Try now with those methods and if they do not work for you, go back with the offshore companies, but this time make deeper research before do anything.

    Cheers
    Petko
     
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  10. seoguy81

    seoguy81 Power Member

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    As someone doing business in Europe (and Europe based), I can safely say that Paypal does not report any earnings let alone giving out reports. That is you keep Paypal transactions within Paypal (and do not withdraw any funds to your bank or company registered Credit/Debit card).For moneybookers, it is 'plausible' because they are based in the UK and FSA registered, meaning that at some point it is possible to report on your earnings. However if you are not residing/doing business in the UK, then it should be ok.Regardless of whether your paypal is registered to a business (which requires verification such as sending your company registration docs/etc) or to an individual, your best/safest option is to spend whatever money you get into paypal on other online purchases.As an individual, with Moneybookers, your privacy is quite safe and only in the event of a legal lawsuit/investigation by your local authorities which requires a court order, MB does not share the data (as long as you are verified with MB and your account is in good standing).Try to apply for the MB debit card (similar yo Payoneer), which makes it easier for you to get online payments, while using your debit card for local or online purchases.No idea about Neteller or others because Paypal/Moneybookers do just fine.Hope this helps.
     
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  11. SEOnetic

    SEOnetic Senior Member

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    True that. Try moneybookers or Liberty reserve. They are pretty good. Also they cannot be reversed.
     
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  12. seocare

    seocare Jr. VIP Jr. VIP Premium Member

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    i guess paypal is a good source, but i am not sure if its available in all Asian countries or not. Check their site for details, you can send directly into your bank account as well.
     
  13. MayerL

    MayerL Registered Member

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    Thank u all for ur answers!

    Yes deep research is allways wise, but i did that and it goes wrong. The problem was at first that the formation of my company tooks very long time, i had to wait for about 6 months! And as it was finished i were ready for my business and because my mother speech is "german" al my websites for business were written in german language. So i had to go with those "german" affiliates and they refused the collaboration with my websites, because and that was the only reason, i had an offshore company! Sorry but i hate those german affiliates now for that! Then i emailed the company were i had set up my offshore company and they did´nt answer any emails, nor telephone calls leaving me alone with my problem.
     
  14. MayerL

    MayerL Registered Member

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