Wise cashback...

Information and questions about the Law in Spain and Andalucia.
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rafiki
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Wise cashback...

Postby rafiki » Thu Mar 02, 2023 2:15 pm

I am assuming what Wise call 'cashback' has to be considered an interest payment especially as they deduct and pay a 30% witholding tax to the Belgian authorities. This cashback is new from Wise, I think, so nobody will have had to deal with it on their Spanish tax returns yet I guess. If anyone has had to deal with a similar witholding tax elsewhere in the EU I'd be interested to know how the mechanics work on a Spanish tax return. Much ado about nothing really; in my case it's only cents earned and cents witheld but I guess, in these days of EU tax authorities cooperation, it will have to be declared.
Brian.

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Wicksey
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Re: Wise cashback...

Postby Wicksey » Thu Mar 02, 2023 7:33 pm

I've never declared my Wise account to the tax authorities here and as it is not a proper bank, doubt that they will be reporting any of this cashback to anyone. I'm not sure they even have an address or residence details for me when I set it up ... I can't remember. I am really not going to worry about the 62p and 13c I've received so far, plus it is already net of 30% tax which I wouldn't normally pay as I don't earn enough..

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dxf
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Re: Wise cashback...

Postby dxf » Thu Mar 02, 2023 11:05 pm

Hola,

I've just received 1.48€ and £1.44 but there is a withholding tax so I have already paid tax on it albeit to Belgium. The rate differs according to currency, my often faulty memory says USD was the best rate

Davexf


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