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 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 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.

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"
}