Just wanted to update every one of slight changes to our Transaction Contract terms. These changes only affect sellers selling properties/services on behalf of companies registered within the European Union. The changes to the contract are slight but severe if you plan to sell on SWAPD as a company from the EU. Mainly, we will now deduct 23% VAT from sellers who represent EU based companies.
VAT Explained (for non-EU members)
Our website is registered under our main company name, SKYNETINC. We’re a European based company located in Poland. We are subject to European tax laws, and our current tax set up requires us to collect VAT on behalf of our tax revenue service. VAT (Value Added Tax) is simply a tax on goods/services. This tax only applies if you’re selling your property on behalf of a company registered within the European Union. The current VAT rate is set at 23%. If you reside anywhere else, or you don’t represent a company, this tax doesn’t apply to you.
Since this VAT is a burden, we recommend that you do not sell your property under your company name. Simply by selling it privately (first/last name), you avoid this tax altogether.
For more information on VAT, please click here.
Why are we doing this?
Because of the harsh EU tax laws and basically because the tax man needs to be paid, whether it comes from us or from the buyers, the VAT needs to be paid. We will collect on behalf of the state and pay the tax man ourselves.
If you have any further questions, feel free to ask.