At 12:20 PM 8/1/95 +0800, Enzo Michelangeli wrote:
Now, my main objection to opening a US account is that it's unclear whether or not, for simply receiving payments there, a non-resident and non-citizen account holder like myself incurs in any tax liability with Uncle Sam's Inland Revenue. Can anybody on this list shed light on the issue? Last time I checked, the guys at FV weren't sure either.
The real question isn't based on your bank account, but on whether or not Uncle Sam thinks you are "doing business in" the US. This is the fundamentally thorny question that is raised by cyberspace businesses. Having payments made to a US bank account may make it more likely that the US will decide that you are doing so, but they could decide it anyway just because you have buyers in the US, or because you're using a US-based payment server. The laws are, to say the least, not clear on such points. As a practical matter, however, it is true that using a US account will make it easier for Uncle Sam to tax you if it decides that's appropriate. -- NB