If you`re an app developer, you will have most likely heard about App Store Connect – it`s the platform that Apple provides for developers to upload, manage, and distribute their apps on the App Store. One of the essential sections within the platform is the “Tax and Banking” section, which is a crucial area to ensure your app is meeting all necessary legal and financial requirements.
The “Tax and Banking” section of App Store Connect is where you input your payment, banking, and tax information. There are three main aspects to this section: payment details, tax information, and banking information.
The payment details section is where you provide information on how you want to be paid for your app sales. You can choose to receive payments via an electronic funds transfer (EFT), wire transfer, check, or PayPal. It`s essential to double-check that the payment details you`ve entered are correct since incorrect information can result in payment delays or issues.
The tax information section is where you provide information on your tax status and identify any tax obligations you may have. You`ll need to specify your taxpayer identification number and select if you`re a U.S. or foreign entity. If you`re a foreign entity, you`ll need to provide your tax residency and tax identification number for that country. Additionally, you`ll need to complete any applicable tax forms provided by Apple.
Finally, the banking information section is where you add your banking details for payments. Ensure you input the correct bank account information, as any mistakes can result in payment delays.
It`s essential to note that Apple may hold some of your payments until you`ve completed all the necessary tax and banking requirements. Additionally, Apple may withhold a portion of your earnings to comply with any applicable tax laws.
In conclusion, the “Tax and Banking” section of App Store Connect is an essential aspect of ensuring that your app is meeting all necessary legal and financial requirements. It`s crucial to double-check all information is correct to avoid payment delays or issues. By keeping accurate and up-to-date information, you`re ensuring your app can be successful and compliant on the App Store.