What are the tax implications of using Payoneer?

Payoneer is a financial services company that provides online money transfer, digital payment services and provides customers with working capital. When it comes to taxes, it’s important to understand that Payoneer is not a tax agent and thus, does not withhold taxes. It’s the responsibility of the Payoneer account holder to determine their tax obligations in their country of residence. Any income received through Payoneer is considered taxable. You should report your income to your local tax authority, even if you receive it through Payoneer. The company does provide annual statements which can be used for tax purposes. However, it’s always advisable to consult with a tax professional or your local tax authority to ensure you are complying with your local tax laws.