Taxes and invoices - Frequently asked questions

SWAPD Knowledge Base
1

Updated Invoice Policy and Seller Responsibilities

At SWAPD, sellers play a crucial role in adhering to local and state VAT/TAX regulations for transactions. While SWAPD cannot offer legal or tax advice, we emphasize the importance of consulting with a tax advisor for clarity on VAT/TAX invoice obligations. Please note, SWAPD can only issue invoices for our service fees. For a complete transaction invoice, it must be requested during the sale process. After the closure of a checkout ticket, we’re unable to provide invoices.

Frequently Asked Questions

Conducting Transactions on SWAPD

Our transactions are streamlined through checkout tickets, involving collaboration between SWAPD agents, buyers, and sellers. Here’s the process:

  1. SWAPD Fee: This varies based on the transaction’s nature and amount, ranging from 2-11%.
  2. Money Transfer Fees: Applicable for fund transfers and bank-related charges.

Invoices for our services, covering only the SWAPD fee, are provided upon request. For comprehensive invoices, buyers should engage with sellers before starting checkout tickets. We also offer transaction summaries for record-keeping, though these aren’t valid as taxable invoices.

VAT/TAX Invoice Requirements

  • For Sellers: It’s essential to know if you’re required to issue VAT/TAX invoices. This varies based on jurisdiction, so consultation with a tax advisor is recommended.
  • Invoicing in the EU: Under the VAT Directive (Articles 217-240), invoices are mandatory for most B2B transactions and some B2C dealings. National rules may also apply.

Uploading Invoices for Buyers

Invoices should be uploaded within the checkout ticket or sent directly to the buyer. If needed, request a transaction summary from a SWAPD agent.

Essential Invoice Information

Invoices typically need to include:

  1. Names and addresses of both buyer and seller.
  2. Contact details.
  3. VAT/TAX/EIN numbers, if applicable.
  4. Transaction ticket number.
  5. Date and transaction amount.

For complete details, consult with your tax advisor.

Determining Tax Amounts

Tax calculations and fees are generally the responsibility of the seller. These should ideally be negotiated before initiating the checkout ticket process.

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