Global Marketplaces Banking Fees

Global Marketplaces & Banking Fees Pattern v0.1

General reference only. This skill is general tax/accounting reference material for AI-assisted workflows. It has not been reviewed for any specific person's facts, documents, elections, deadlines, residency, filing status, or local procedures. Do not rely on it to file, pay, amend, or take a tax position without review by a qualified professional in the relevant jurisdiction.

Section 1 — Marketplaces (seller-side classification)

For a freelancer or e-commerce seller, marketplace transactions involve gross sales, fees, and platform-collected sales tax / VAT. Bank statements show only the net deposit.

1.1 Marketplace fee patterns

1.2 Marketplace facilitator US sales tax

[T1] Most US states (45+) require marketplaces above thresholds (typically $100k sales or 200 transactions) to collect and remit state sales tax on behalf of third-party sellers. Sellers report gross sales to marketplace but don't have independent sales tax obligation in those states for marketplace-facilitated transactions.

1.3 EU marketplace deemed-supplier

[T1] From 1 July 2021, EU Marketplace Deemed Supplier rules:

• Distance sales of goods imported into EU ≤ EUR 150: marketplace deemed supplier (IOSS scheme)
• B2C goods supply from a third country by a non-EU seller via marketplace: marketplace deemed supplier
• Domestic B2C sales by non-EU seller via marketplace into EU consumer: marketplace deemed supplier

1.4 Form 1099-K thresholds (US)

[T1] Reduced under American Rescue Plan to USD 600 from 2022; transition relief delayed:

• 2024: USD 5,000 threshold
• 2025: USD 2,500
• 2026 onwards: USD 600 (confirmed by OBBBA P.L. 119-21 July 2025)

Form 1099-K is reported by third-party settlement organisations (Stripe, PayPal, marketplaces).

1.5 EU DAC7 platform reporting

[T1] Council Directive (EU) 2021/514 requires reporting platforms to provide data on sellers' transactions to tax authorities. Effective 1 January 2023 for reporting 2024. Coordinates with OECD Model Rules for Reporting by Digital Platform Operators.

1.6 UK Online Sales Tax / Platform Reporting

[T1] UK has implemented OECD model rules from 1 January 2024 for platforms with sellers of goods, services, accommodation, transport. Platforms must report seller data to HMRC.

Section 2 — Banking and payment fees

2.1 Recurring fee patterns

2.2 Currency conversion accounting

[T1] Multi-currency transactions create FX gain/loss:

• IFRS: IAS 21 — settle at spot rate at transaction; revalue monetary items at closing rate
• US GAAP: ASC 830 — same principle

Bank-imposed FX spreads (e.g., 0.5% above interbank) are typically classified as bank charges, not FX loss. Strict accountants reclassify as a finance cost.

2.3 VAT on bank fees

[T1] Most bank fees are exempt from VAT under "financial services" exemption (Article 135 PVD; IRC ITA s.135; etc.). Specific advisory or non-financial services from a bank may be taxable.

Self-checks

• Marketplace gross sales vs net deposit reconciled
• Marketplace fees recognised as expense
• Marketplace facilitator sales tax recognised (US states)
• EU OSS / IOSS / deemed-supplier treatment confirmed where applicable
• 1099-K reconciled to actual gross sales (US sellers)
• DAC7 platform data cross-referenced (EU sellers)
• Bank fees classified consistently
• FX gain/loss separated from bank fee
• Output flags every unusual line for reviewer

Source: OpenAccountants — open tax Guides for AI, reviewed by named CPAs/CAs/EAs. Quality: source-cited draft. For always-current figures and named-accountant backing, connect the OpenAccountants MCP server (openaccountants-mcp).