Long story short, when SWAPD was first established, we picked the best tax-set up for our company that was the most cost-effective for our budget. This helped us save money which we then used to build out the site. However, this move posed some limitations, mainly we weren’t VAT free when dealing with EU companies, but thanks to that setup we avoided VAT while working with companies OUTSIDE of Europe, which constituted most of our business. At that time, this seemed like the smartest move.
But, SWAPD kept growing and growing and more EU companies are starting to popup. We’ve basically hit a wall which is too much to handle when dealing with EU sellers, so starting today, we’re halting any payments to any EU company, whether it’s a corporation, LLC, or a sole proprietorship. We’re also suspending the 23% reverse-VAT tack on for companies who are willing to foot the bill, regardless. Until further notice, EU company-based sellers cannot sell on SWAPD. We apologize for the inconvenience.
IMPORTANT:
If you’re a EU based company who sold on SWAPD in the recent 24 months and filed the transaction with your revenue service without our knowledge or consent please contact @SWAPD as soon as possible, or email support@swapd.co.
EU residents who wish to sell on SWAPD can do so VAT-free by not selling under your company name. This move is temporary, we plan to change our tax bracket by the end of this month. We will keep everyone updated.