paypal singapore - remittance to singapore

[David-asia]

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

[ukdesigner]

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?

[David-asia]

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.

David

[ukdesigner]

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

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.