Post by perpetualtraveler on Oct 26, 2016 7:27:27 GMT
Why do they ask for a tax certificate? Isn't that the responsibility of the investor? I mean no other P2P platform that I know off asks for it. Normally not a problem, but what is even a tax certificate? I never got such a document from my local tax authority.
Thats because they are moving their headquarter to spain. Spain is keen on double taxation, so thats for investors security. If you don't give them the certificate, they hold back 20% of the interest received.
If you are from Switzerland or Germany, I can tell you which certificate it is..
www.p2phero.com currently only in German language, covering Mintos, Estateguru, Finbee, Twino, Saving Stream and Viventor. Please note that this site contains some referal links
They asked me for this also and I sent proof that I am registered for tax in France, but they sent a French form for something else. I cancelled my trial deposit because I am not prepared to have one tax deduction when all the other platforms don't do that, too complicated for my on-line declaration.
If you uploaded docs through your settings page I think they put a tick by them if they are happy. I received an email from them saying they needed more but according to their site the document I already sent should have been enough. I am waiting to hear from them after I replied.
Hi everyone, stepping in here to clarify some things.
1) We are not currentlyconsidering to move our headquarters to Spain. Yes, Prestamos Prima (our mother company) and part of the team is based in Spain, but our HQ remain in Riga, Latvia.
2) The Tax Certificate is being asked, since earnings gained through Viventor are subject to Withholding Tax.
Under this model, most Tax Authorities in countries of loan origination demand Fiscal Residence Certificate (Tax Certificate) to verify investor's country of fiscal residence, and apply the respective deducted rate. Together with Loan Originators, we have been and still are actively communicating with the respective Tax Authorities to understand their requirements. As the business model itself is very new and changing bay day, getting a definite answer from the authorities is not that simple.
We are not currently deducting any Taxes due to this uncertainty, but an update will follow in due course, announcing the new order well in advance.
Just to give some relevant examples - earnings from bank deposits, as well as profits on several developed platforms are taxed at the "provider's side", and then investors can apply for Tax refund later on if applicable.
3) It has been brought to up to us several times that some other platforms are less demanding with respect to taxation. In most of those cases, you can see that your earnings are subject to Personal Income Tax.
This puts less burden on investors early on, as you are not requested to submit a Tax Certificate or some other form, but takes a bigger bite in terms of higher deducted Tax % later on.
4) The website information is in process of update. Most of these questions will be answered in FAQ section soon.
5) Many of our users have asked, why Passport/Utility Bill is not enough. The Tax Authorities have a point regarding this - it can easily be a case when a UK citizen is a fiscal resident of Malta, thus subject to a different Tax rate. However, some regulators are currently sticking to incredible requests like sending a physical copy of signed and sealed Tax Certificate. This is one matter that we have not reached consensus on yet.
6) We are indeed able to provide templates for some countries, and are actively working on expanding the list. Also, the documents are normally reviewed, and their status updated in your Settings page within 1-2 business days. You can always contact us, if you would like to escalate your document review.
7) As the update will come, Taxation rates depending on your country of fiscal residence and country of loan origin will be published.
If there are any further questions - I'm at your service!
I don't seem able to satisfy their requirements in spite of providing a French Taxpayer number, so I will not be investing.
Taxpayer number does not prove that you really pay your taxes to France. For example for Finland, they wanted a Certificate of Fiscal Residence. Easy 5min (+35min queue ) job at the Tax Administration office.
But good that you gave up so easily, more loans for everyone else.