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🧮 Providing clarity about tax responsibilities is something that we care a lot about here at Ontop. As a Contractor, you have the freedom and independence to work on your own terms, but those liberties come with duties and responsibilities that you must be aware of. We are committed to making your path as simple and transparent as possible. If you feel that anything in this Disclaimer is unclear or difficult to understand, please email us by email to 📥 legal@getontop.com. We are truly concerned about constantly improving your legal experience and welcome your feedback.
🎼 Note: The definitions used here follow those made in our 💻 Ontop Platform Terms of Service.
1. You are responsible for declaring and paying your own taxes 🖐️💰🚖
As a Contractor, you are solely responsible for all the tax obligations relating to the services you provide, including but not limited to your duty to declare and pay your taxes. This may include declaring local and foreign income and/or foreign assets, declaring and paying for value added tax (VAT) or other service taxes, in addition to providing information to the local tax authorities. We will not deduct, withhold, or pay social security tax, withholding tax or any other taxes on your behalf, whether in connection with the services you provide to Clients on our Platform or otherwise.
2. You may need to transfer or declare funds in your Ontop Wallet ↪️🖐️💵
Through our Platform, you have access to the Ontop Wallet where you can receive payments for the services you provide to Clients. We have fulfilled our obligation as a payment agent and/or contracting party as soon as your compensation or its equivalent in United States Dollars (USD) is credited to your Ontop Wallet balance.
Depending on your specific tax residence, you may have the legal obligation to declare the receipt of funds in your Ontop Wallet to the local tax authority (1) as soon as it is credited to your balance or (2) at the time of filing your tax returns. You may also be required to transfer funds from your Ontop Wallet to your local bank account by the regulatory authorities in your jurisdiction.
Your Ontop Wallet may be considered a foreign asset by the local tax authorities, in which case you will have the obligation to declare and pay the applicable tax rate at the monetary value of the asset.
We do not accept any responsibility for making tax declarations relating to the Ontop Wallet, and we are not liable for the lack of tax declarations or fines that may arise as a result.
3. You should always consult your local tax advisor 🚖💼
Receiving payments as an international remote worker poses certain challenges from a tax perspective, especially with regards to local tax rules and regulations. Always make sure to consult your local tax advisor to guide you through the process and ensure that you are compliant with the law, whether that person is an accountant, consultant, lawyer or otherwise. Any information that we at Ontop provide you is for convenience only and should not be considered legal or tax advice.
1. Argentina
If you receive compensation from abroad that exceeds the amount of USD $12,000 in a given calendar year, you will be solely responsible for complying with mandatory repatriation and conversion regulations, which require the conversion of said compensation to Argentinian Pesos and transfer to Argentinian territory, within five (5) days from the receipt of the funds (as of 2022).
Your Ontop Wallet may be considered a foreign asset by the local authorities, in which case you will have the obligation to declare and, if you exceed the non-taxable amount limit, pay the applicable tax rate levied on the monetary value of the asset.
2. Brazil
Any income received through the Ontop Wallet as compensation for the services you have rendered as a Contractor with tax residence in Brazil must be declared to the local tax authorities.
Depending on the amount of money that you keep in your Ontop Wallet, you may be required to make an annual declaration of foreign assets to the Brazilian Central Bank (BACEN - Banco Central do Brasil).
3. Colombia
Any income received through the Ontop Wallet as compensation for the services you have rendered as a Contractor with tax residence in Colombia must be declared to the local authorities.
Depending on the amount of money that you keep in your Ontop Wallet, you will be required to declare it annually to the Colombian Tax Authority (DIAN - Dirección Nacional de Impuestos y Aduanas Nacionales) as a foreign asset on the Foreign Assets Return form.
4. Ecuador
Any income received through the Ontop Wallet as compensation for the services you have rendered as a Contractor with tax residence in Ecuador must be declared to the local tax authorities.
Due to the 2022 temporary regulation on foreign assets your Ontop Wallet may be considered a foreign asset by the local authorities, in which case you will have the obligation to declare and pay the applicable tax rate levied on the monetary value of the asset. Since it is temporary, this regulation is subject to change.
5. El Salvador
Any income sourced in El Salvador and received through the Ontop Wallet as compensation for the services you have rendered as a Contractor with tax residence in El Salvador must be declared to the local tax authorities.
6. India
Any income received through the Ontop Wallet as compensation for the services you have rendered as a Contractor with tax residence in India must be declared to the local tax authorities.
Your Ontop Wallet may be considered a foreign asset by the local authorities, in which case you will have the obligation to declare and pay the applicable tax rate levied on the monetary value of the asset.
7. Mexico
Any income received through the Ontop Wallet as compensation for the services you have rendered as a Contractor with tax residence in Mexico must be declared to the local authorities.
8. Peru
Any income received through the Ontop Wallet as compensation for the services you have rendered as a Contractor with tax residence in Peru must be declared to the local authorities.
9. United States
Any income received through the Ontop Wallet as compensation for the services you have rendered as a Contractor with tax residence in the United States must be declared to the local tax authorities.
10. Venezuela
Any income received through the Ontop Wallet as compensation for the services you have rendered as a Contractor with tax residence in Venezuela must be declared to the local authorities.