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paypal singapore - remittance to singapore

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David-asia
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paypal singapore - remittance to singapore

Postby David-asia » Mon, 09 Mar 2009 10:58 pm

Think I know the answer is yes, but thought i'd check with you all. Are payments made to paypal singapore account considered money remitted to singapore?

David

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ukdesigner
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Postby ukdesigner » Tue, 10 Mar 2009 12:56 pm

yes but warned about paypal with their charges which are quite hefty as are the conversioin rates.

Where are your clients paying you from, as in which country?
Don't p*ss me off! I am running out of places to hide the bodies.

David-asia
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Postby David-asia » Tue, 10 Mar 2009 2:14 pm

Its in $'s and I would be withdrawing into a US account. Then theres no fees besides the usual % of sales +.35 for a business account.

Will probably keep it all under US paypal, but worried about what they (US IRS) consider US source income on some of what I do.

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Postby ukdesigner » Tue, 10 Mar 2009 2:26 pm

I'm not sure about US law about income paid into a US bank account. I would guess that the US would probably tax you at US levels but that is just a guess. I also presume that you'll have to file a normal tax form but you probably need to speak to a tax specialist about it rather than relying on the board.

You do have to declare that you're a US citizen here for tax reasons when you open a bank account so that the US Govt can watch your $'s and tax you.

Another good reason to be British. No double taxation laws :D

I'm not a fan of paypal especially on international transactions. They charge you quite a bit and also give you a really crap exchange rate for international transfers and take a week in transferring the money too. Plus with chargebacks you can lose all of it anyway.
Don't p*ss me off! I am running out of places to hide the bodies.


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