Today again I’m replying to three questions asked on this blog.
Question 1. Do taxes have to be paid on commissions?
If you go to your Karatbars office, hover over ‘Commissions’ and click on ‘Unilevel Settlement’ or ‘Dual Team Settlement’ you will see the message saying:
“You must include Karatbars commissions into your annual income tax declaration as an additional source of income. You can do this in two different ways: You can declare it as a self employed individual in a personal declaration or as an additional income into your annual corporate income tax declaration”
Your don’t need to provide a Social Insurance Number (Canada) or Social Security Number (USA) when registering with Karatbars… So, it’s up to your accountability and depends on your business circumstances whether you pay taxes or not.
A USEFUL FINANCIAL TIP: On the certain business conditions, you legally don’t have to pay taxes. Watch YouTube to hear whatsays what those conditions are 😉
Question 2. Does anything other than your commissions go on Karatbars Mastercard, like gold & crypto?
No, just Unilevel and Dual Team commissions in euro.
Question 3. I know that KBC and KCB are soon to be merged to form the Gold Standard Coin (GSC), but can you tell me what the price will be for GSC when that happens?
If you don’t know, then can you tell me how the price of the new coin will be determined?
Currently KBC is worth around $0.034 and KCB is being sold for $0.14. So, it’s important to know the plan going forward.