TaxBit accepts transaction data (like seller income) through the API, or through a pre-existing CSV template ( available upon request). This page will document how to send transactions to TaxBit through the API.

Send income payment transactions for DAC7 reporting to TaxBit using POST /transactions. A transaction should represent a single income event to the seller from the buyer. A transaction does not represent the withdrawal of funds. The seller’s transaction can be represented in the following way:

• type = income
• subtype = payment-services or payment-goods
• Consideration paid/credited should be represented in the transaction’s received object. This amount must be the amount prior to any fees. For example –
  • Received: $100
  • Fee: $5
  • Inventory change: +$95
• Any fees and commissions charged on an income payment to the user should be included on the transaction under the fees object
• Any taxes withheld should be included on the optional withholding Object under fees with regime_type = eu-dac7

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Note: All transactions need to be submitted with the same fiat currency to ensure accurate DAC7 reporting

Example of Reportable Transactions

Consider the scenario where two buyers purchase an item from a seller's digital store and then the seller withdraws their money. In this scenario there are expense, income, and withdraw transactions, but DAC7 reporting only requires the Income Payment transactions (as shown in 1.ii and 2.ii). These are required to send to TaxBit for proper DAC7 reporting.

1. Buyer A purchases an item from the Seller's digital store
   1. Buyer A has an Expense transaction
   2. Seller has an Income Payment transaction
2. Buyer B purchases an item from the Seller's digital store
   1. Buyer B has an expense transaction
   2. Seller has an Income Payment transaction
3. Seller Withdraws

Example Income Payment

  "user_id": "48a66f26-ac15-456d-8372-3f37d48ba0f6", // Seller's Account/User ID
  "id": "204255-13141",
  "datetime": "2023-10-10T14:13:51.000Z",
  "type": "income",
  "subtype": "payment-services",  // payment-services or payment-goods
  "received": [
    {
      "asset_amount": {
        "asset": {
          "type": "fiat",
          "code": "usd"
        },
        "amount": "904.10"
      },
      "rates": [
        {
          "asset": {
            "type": "fiat",
            "code": "usd"
          },
          "amount": "1"
        }
      ],
      "withholdings": [
        {
          "regime_type": "eu-dac7",
          "asset_amount": {
            "asset": {
              "type": "fiat",
              "code": "usd"
            },
            "amount": "102"
          },
          "rates": [
            {
              "asset": {
                "type": "fiat",
                "code": "usd"
              },
              "amount": "1"
            }
          ]
        }
      ]
    }
  ],
  "fees": [
    {
      "asset_amount": {
        "asset": {
          "type": "fiat",
          "code": "usd"
        },
        "amount": "100"
      },
      "rates": [
        {
          "asset": {
            "type": "fiat",
            "code": "usd"
          },
          "amount": "1"
        },
        {
          "asset": {
            "type": "fiat"
          }
        }
      ]
    }
  ],
  "version": "1.0"
}