Sending Income Payment Transactions
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 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
orpayment-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 underfees
withregime_type = eu-dac7
Note: All transactions need to be submitted with the same fiat currency to ensure accurate 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 MRDP/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 MRDP/DAC7 reporting.
- Buyer A purchases an item from the Seller's digital store
- Buyer A has an Expense transaction
- Seller has an Income Payment transaction
- Buyer B purchases an item from the Seller's digital store
- Buyer B has an expense transaction
- Seller has an Income Payment transaction
- 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"
}
Updated 3 days ago