Does Payoneer reports to OECD ?

[kurosaki4d]

Hello guys,

I've been working online for a while now, and things have been good and i've always kept my money on Payoneer / Paypal but i never transfer them to my local bank account, i only withdraw with my master card small amount of money from ATMs.

That been said, there is this new financial law in my country that's gonna take effect since 1st January of 2020.

Which consists on requesting all the freelancers like me to start reporting their income to the government, and they are gonna know who by using the OECD to get a list of people of that nationality from Paypal and such to start pressuring each one.

My question is, can a government that goes through the OECD pressure Paypal or Payoneer into giving out informations about their customers, like full names and their balances ?


This is a major change, and it certainly changes the rules of the game completly, i would appreciate if anyone can bring some insight into this matter.


Thank you so much !

 

[LegitBananas]

As far as I know, payoneer does not engage in AUTOMATIC sharing of information.

However, be sure that they will report you in 0.5 seconds if someone requests it.

 

[kurosaki4d]

Thank you for your reply man.

However, does Payoneer at least⁠ send a warning message before they report you ?

And what about Paypal ? Will⁤ they do the same ?

 

[LegitBananas]

I don't think they'll warn you unfortunately. Did you⁠ give them any personal documents like your tax number in your home country or scan⁤ of passport?

Paypal is the devil. Try your best to avoid them - I have⁣ read many, many horror stories from people using Paypal. I believe that they automatically send⁢ information to tax authorities.

 

[Clip]

Because actually PayPal is registered as a bank

 

[kurosaki4d]

Yes i have given a believe a national identity card and if⁣ my memory serves me well a scan of passport. Nowaday all virtual banks and payment⁢ processors ask to confirm identities with these documents unlike many years back.

I'll keep that︀ in mind and try to avoid Paypal, and stick more with Payoneer !

 

[JohnSeed]

There is no one that is reporting to the OECD - you may read what‌ OECD actually is 😀

 

[challenge]

OECD=good intents, yet‌ another tax money pit smi(&%
just look at their financial reports... read page 9, "DEFICIT FOR‍ THE PERIOD" ... http://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=BC(2018)13&docLanguage=En

also interesting stuff to read in their staff rules: at section⁠ salaries, bonuses and allowances... https://www.oecd.org/careers/Staff_Rules_en.pdf

 

[ontherun]

please provide some more information on this law. it may affect forum members in other︆ countries as well

 

[buenosdias]

Here’s the thing. If you don’t wear warm clothes in the winter, you’ll get frozen.‌ If you don’t take the necessary steps, you’ll be taxed (rather unfairly).

Just setup a‍ company for your freelance practice, and start doing business via that.

That’s just the start.⁠

 

[dimitri]

I have no experience with Payoneer. But‍ leaving money with Paypal is really not wise. I know someone who got his account⁠ blocked, and his balance was refunded to people who paid him. Paypal blocked my account⁤ once. It took me months to unblock the account, it was really a nerve-wracking experience.⁣

 

[kurosaki4d]

Thank you guys for all your valuable input and for sharing with me your experiences,‌ it is greatly helpful to me !

For now, i'll make sure to stay away‍ from Paypal, as you say, there are a lot of these blocking cases, Payoneer seems⁠ safer on that aspect and it is less likely to be targeted.

Like you said,⁤ sooner or later creating a company might be the best approach after all !

 

[kurosaki4d]

Do you think if i setup a company for the⁠ freelance practice, i would be then able to declare only the amount that i want⁤ without them noticing ? I mean is it possible or legal for a government to⁣ ask for a balance statement of Paypal or Payoneer account ?

 

[buenosdias]

Yes. It’s legal for any gov to ask anyone for a financial statement of their‌ citizens / tax residents. And they’ll (paypal, payoneer) gladly give them away.

The key with‍ the company is that you’ll get much more benefits than going solo. You can write⁠ off business expenses, write off certain income streams from certain territories, and much more.

Now, you can’t earn 100k per year and declare only a part of it. That’s accounting⁤ fraud (or something). You must declare all of it. But if you play your cards⁣ right, your tax bill will be much less.

 

[Educate]

Wrong belief. They confirmed they don't. Dealt with⁠ them for over 10 years and no issues. Stop fear-mongering. And use false data where⁤ possible.

 

[LegitBananas]

You're talking about this but you are clearly uneducated on the topic.

https://www.paypal.com/us/smarthelp...RS-Will-I-receive-a-1099-tax-statement-FAQ729
If you're dealing‍ with less than $20,000 per year then maybe you shouldn't worry about taxes.

 

[Educate]

How am I "clearly uneducated on topic"? I work with them for over‌ 10 years and have researched their policies obviously.