Basque estates are starting to tax the profits that users of virtual market applications make from the sale of second-hand products.
The estates of Álava, Bizkaia and Gipuzkoa have started taxing the profits made on the virtual market of applications such as Wallapop or Vinted.
Since this year the digital online sales platforms, which connect two or more users for the purchase and sale of second-hand products, are obliged to report the actions of their customers. The estates will use this information to verify that the corresponding taxes are paid.
In concrete terms, the platforms must report the data of customers who perform more than 30 transactions per year or for a value of more than 2,000 euros. This data will become available annually to the provincial treasuries.
As explained by the Director of the Treasury of Bizkaia: Inaki Alonsothis only affects the users who get some benefit from their sales. People who sell a used item for more money than they bought it for must report this on their tax returns.
“If something that cost you 100 now sells for 300, you have to declare the profit of 200. If there is no profit, you don’t have to declare it,” Alonso explains.
The aim is to control people who sell a lot as an economic activity that has so far escaped tax control.
This new rule includes the sale of items on Wallapop, Vinted, Milanuncios or similar platforms, as well as the rental of properties through sites such as Airbnb or means of transport.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
