How to Update Your Tax Country

To update your Tax Country in PaymentWorks, follow these steps:

Steps to Update

• Log In

  • Access your account at PaymentWorks Login.

• Navigate to Company Profile

  • Click on My Payee Profile in the side navigation menu on the left.

• Access Legal Entity Information

  • Within My Payee Profile, select Legal Entity Information.
    
• Edit Information
  • Click the View or Edit Details button to modify your details
• Update Country of Citizenship 
  • Locate Country of Citizenship field, update it to your current country, and then click the blue Save button at the bottom

When Would a Tax Country Change?

A Tax Country change typically occurs under the following circumstances:

1. Change in Business Operations

   • Your business relocates its headquarters or primary operations to a different country, altering its tax residency.

2. Change in Legal Residency for Individuals

   • For individuals, moving to a new country and establishing legal residency there may require a change in tax country.

3. Mergers or Acquisitions

   • If your business is acquired by or merges with a foreign entity, the tax residency may change to align with the parent company’s jurisdiction.

4. Reclassification of Tax Obligations

   • A restructuring of your business that changes tax obligations to a different country.

5. Compliance or Regulatory Updates

   • If a customer or tax authority requests a correction or update to ensure compliance with international tax laws.

6. Dual Tax Residency Resolution

   • Resolving conflicting tax residencies in multiple countries by aligning with a specific jurisdiction.

Important Note

In the Business Details section, the "Tax Country" field changes to "Country of Citizenship" when editing. Ensure you update this field correctly.

Tip: Before making changes to your Tax Country, consult a tax professional or your accounting department to understand the implications for tax filing and compliance.