Articles on: Tax Management

How does the Tax Allowances in Native Teams work?

Tax rates and brackets are based on a person's filing status. As a result, allowances may be applied differently in different countries. The amount of a taxpayer's tax allowance is determined by both the allowance itself and the tax rules of the nation in which the taxpayer resides.

In addition, tax relief may be provided in some jurisdictions in the form of a tax credit deducted directly from the tax liability rather than the individual's income. In other situations, tax allowances are used to lower the tax rate.

With the use of the tax allowances provided by Native Teams, we would be able to wire funds from your Native Teams wallet to your bank account free of tax on the aggregate amount of all the tax exemptions selected.

Updated on: 22/07/2023

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