I have been using PayPal for quite some time for my business (US based), and have a pretty good understanding of the tax reporting and how it works. However, I am not able to find any resources for how the income tax reporting works in other countries through PayPal.
I have close friend who is from Cebu City, Philippines, and doesn't have the best english ability - so I am doing some homework for her. She has recently started a business, and her main payment source is PayPal. Through a good amount of research, I can't find any content that describes how PayPal works in the Philippines in terms of recording, and reporting income and revenue data to the tax agencies.
My question here is: does PayPal report income in the Philippines (through both a personal, and business PayPal) the same way they do in the USA? In the USA you must reach both $20,000 in revenue, as well as a set # of payments received in the "products and services" category.
Or, does PayPal not report anything in the Philippines, and it will 100% be her own responsibility to do all of the reporting and recording at the end of year, and send it to the government herself?
Thanks!
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