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IM Taxing for foreigners?

by morg2k2
7 replies
Hi guys,
i've got a doubt that know how to start about taxes...

I,m portuguese and started with IM a few weeks ago, and started to have some success on Ebay.
My issue is basically that i sell in USA (ebay.com) , the people i outsource are from USA and middle east. Then all is sold in US dollars. So i need to pay taxes to my country since tthe income is created outside?
Or shall i need to pay taxes to another country?
For last but not least how can i convert the currency to EUR is when i fill the forms or at the date of each transaction.
I am a bit confused.
What i know is that i want to be legal with my 8M Business.

Thanks in advance

Morg
#foreigners #taxing
  • Profile picture of the author TroelsJepsen
    I believe, that you only have to pay taxes in Portugal, since that's where your business is based.
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  • Profile picture of the author WillR
    Morg,

    Yes, I can't speak for all countries but you usually only pay tax in the country in which the business is registered. They are your government and they are the only people who will tax you.

    Usually you or your accountant will do the conversions of foreign currency expenses and earnings at tax time. Sometimes this may be better for you or worse - it's just luck really as to how the exchange rate has changed.
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  • Profile picture of the author Nail Yener
    Originally Posted by morg2k2 View Post

    What i know is that i want to be legal with my 8M Business.
    What do you mean by "8M Business"? Is it $8 million business?

    You have an $8 million business and you seek tax advice on a forum??
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    • Profile picture of the author WillR
      Originally Posted by Nail Yener View Post

      What do you mean by "8M Business"? Is it $8 million business?

      You have an $8 million business and you seek tax advice on a forum??
      I think he went for the letter 'I' but hit the number 8 instead - they are right next to each other - his IM business.
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      • Profile picture of the author Nail Yener
        Originally Posted by WillR View Post

        I think he went for the letter 'I' but hit the number 8 instead - they are right next to each other - his IM business.
        Thanks Will, didn't notice that. Besides he said he started a few weeks ago, my bad.
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    • Profile picture of the author TroelsJepsen
      Originally Posted by Nail Yener View Post

      What do you mean by "8M Business"? Is it $8 million business?

      You have an $8 million business and you seek tax advice on a forum??
      This one made me smile

      But in addition to what's already been mentioned, most of the tax rules are usually the same for online and oflline businesses. If you ran an oflline business, that sold stuff to foreigners, you'd still only have to pay your taxes in Portugal, and it's pretty much the same with an online business, except, that it's much easier for foreigners to do business with you.
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