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Tuesday, August 26, 2014
The PayPal requirements appear to be pointed at US resident users who withdraw money in USD
https://www.paypal.com/au/webapps/mpp/irs-reporting-requirements:
As a result of recent changes to US legislation, PayPal has reporting
obligations to the US tax authority, the Internal Revenue Service
(IRS). We are required to identify customers with more than a certain
transaction and payment volume and establish if they are US persons or
entities subject to US taxes. Information about customers that are US
persons or entities must then be provided to the IRS. PayPal Australia,
along with all other US based payment processing companies (such as
international banks), is required under this legislation to confirm
whether account holders that meet the following criteria are US persons
or entities subject to US taxes:
$20,000 USD in gross payment volume from sales of goods or services in a single calendar year AND
200 payments for goods or services in the same calendar year AND
Have made at least one withdrawal from their account in US dollars.
PayPal will be asking customers approaching these levels to confirm if
they are a US person or entity.
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https://www.paypal.com/au/webapps/mpp/irs-reporting-requirements:
As a result of recent changes to US legislation, PayPal has reporting obligations to the US tax authority, the Internal Revenue Service (IRS). We are required to identify customers with more than a certain transaction and payment volume and establish if they are US persons or entities subject to US taxes. Information about customers that are US persons or entities must then be provided to the IRS. PayPal Australia, along with all other US based payment processing companies (such as international banks), is required under this legislation to confirm whether account holders that meet the following criteria are US persons or entities subject to US taxes:
$20,000 USD in gross payment volume from sales of goods or services in a single calendar year AND
200 payments for goods or services in the same calendar year AND
Have made at least one withdrawal from their account in US dollars. PayPal will be asking customers approaching these levels to confirm if they are a US person or entity.