Dealing with taxes on the app


#1

As an open software platform, BitBoost Marketplace is a tool that buyers and sellers can use as they
see fit – meaning that all taxes are the user’s responsibility.

BitBoost has designed the application to be a toolkit for decentralized e-commerce. The aim is
to enable anyone to transact effectively, with buyers and sellers connecting without the need for a middleman. Amongst other things, that means BitBoost itself does not have any access to or control over users’ private information. The only way to ensure that private data is never hacked from our servers is not to hold it in the first place, and it remains the sole possession of the user. This makes our app a little like Linux: a software package that people can download and use as they see fit, and on which they can create their own businesses.

This also means that users are fully responsible for paying the taxes they owe as a result of their activities on the app. What those taxes are will depend on how they are using the platform, as well as their local jurisdictions. For most regular customers, there will not be any taxes, in the same way that buyers on Amazon or eBay would not have to pay tax. This situation may be different for those purchasing equipment or supplies for businesses, and of course for those selling goods as part of their business.

Our app will nevertheless include some useful tools to help sellers manage their taxes, including calculating VAT and international shipping. You may also find some helpful information about shipping location and jurisdiction in the following link: https://inviqa.com/blog/pocket-guide-cross-border-tax-eu-usa-and-australia.