fric
Member of DD Central
Posts: 199
Likes: 79
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Post by fric on Mar 12, 2018 12:17:56 GMT
Just FYI - I was doing my taxes today (I'm from Latvia) and I found that in the official registries there is already some income declared (and income tax already prepaid) by AS MINTOS MARKETPLACE. I contacted support and they replied that Mintos is paying income tax on the casback bonuses paid out. So especially if you are from Latvia - don't pay it twice, not sure how its done for foreigners though, but it might be worth asking regarding those cashbacks, i'm not an expert on Latvian income tax.
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Post by Vitalijs on Mar 12, 2018 14:24:11 GMT
Mintos don`t report and prepay taxes for foreigners for Mintos bonuses as Mintos have to do it only for Latvian tax residents.
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Post by Jonas Hendrickx on Mar 14, 2018 6:03:50 GMT
For Belgium I can share this:
Cashback rewards and discounts on secondary market fall under 'diverse inkomens'. However, since it's like a discount, it's considered 'normal'. Therefore there is no tax. If it were abnormal, it would be taxed at 33%. But it's up to Uncle Sam to prove that this it is an abnormal capital increase. But since it's a simple discount known up front. Hard to prove. You don't pay taxes on discounts of clothes, phones or cars either. Because those are in fact a capital increase too, since the objects have a value.
Interest rates and late fees are simply interest rates originating from abroad, taxed at a flat 30%.
However, I wonder what we have to use as proof for the taxes. You can't print a whole account statement, and I doubt taking a screenshot of the summary is sufficient.
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Rob
Posts: 138
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Post by Rob on Mar 16, 2018 9:25:26 GMT
For Belgium I can share this: Cashback rewards and discounts on secondary market fall under 'diverse inkomens'. However, since it's like a discount, it's considered 'normal'. Therefore there is no tax. If it were abnormal, it would be taxed at 33%. But it's up to Uncle Sam to prove that this it is an abnormal capital increase. But since it's a simple discount known up front. Hard to prove. You don't pay taxes on discounts of clothes, phones or cars either. Because those are in fact a capital increase too, since the objects have a value. Interest rates and late fees are simply interest rates originating from abroad, taxed at a flat 30%. However, I wonder what we have to use as proof for the taxes. You can't print a whole account statement, and I doubt taking a screenshot of the summary is sufficient. I agree, it seems reasonable that cashback is a discount, so should not be taxed. But then why is Mintos deducting tax for Latvian residents? For proof of income for tax purposes, you can click on your name at the top to get a pull-down menu. Then click on Tax Report. But you only get sent an e-mail - it would be better if it was a pdf.
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Post by zeverare on Mar 19, 2018 15:39:39 GMT
However, I wonder what we have to use as proof for the taxes. You can't print a whole account statement, and I doubt taking a screenshot of the summary is sufficient. Did the tax service ask for it? I am reporting foreign interest income in Belgium for 10 years just as a total figure without any proof. I know one day they will ask for information but then I still have 30 days to find out what they need.
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Post by Jonas Hendrickx on Mar 26, 2018 10:00:23 GMT
However, I wonder what we have to use as proof for the taxes. You can't print a whole account statement, and I doubt taking a screenshot of the summary is sufficient. Did the tax service ask for it? I am reporting foreign interest income in Belgium for 10 years just as a total figure without any proof. I know one day they will ask for information but then I still have 30 days to find out what they need. I agree tax report should be PDF. It's cleaner and more official. I think they only look into it if it starts to get suspicious. If you're paying a lot of taxes, they are likely not to look into it. I am keeping all my proof on different cloud storage solutions.
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Post by nellerdk on Mar 29, 2018 13:32:29 GMT
is cashback interest or is it just the loan principal that is being repaid?
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Post by Jonas Hendrickx on Apr 15, 2018 15:38:11 GMT
Neither. It is basically either a discount on a loan, a gift or an increase in capital. Whichever works for an interpretation.
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