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    Author Topic: Money Transfer Regulations  (Read 28327 times)
    Willsway
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    August 15, 2010, 07:04:18 PM
     #41

    To be legal from my country's perspective I would need to:

    1) Limit the value per transaction. I'm not 100% sure which value this would be - I'm currently consulting on the fact - but it would be less than $10000.
    2) I would need to withdraw any profits from the offshore account (paypal, etc) within 30 days of receipt within the account.
    3) If I would need to refund, or pay someone out, I would have to do that within the allocated 30 days. Paying out cash would not be allowed.
    4) I would have to declare my income from the sale, and pay taxes on it.
    5) Obviously normal accounting practice would need to be followed and books maintained as per normal tax regulations.
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