Joining PayPal to receive payments inward, good or bad for tax?
I currently receive foreign payments via Wise and only remit a fixed monthly amount to my local bank account, keeping the balance in Wise as savings. I've only been declaring and paying tax on the amounts actually brought into the country.
If I switch to PayPal, where the Central Bank has more direct oversight of total foreign inflows, will I be liable for tax on my total earnings or still only on the withdrawn amounts? I'd like to maintain my strategy of only withdrawing what I need for monthly expenses.
I still want to use PayPal for business, as it is now operationally easy compared to wise. Not sure, if I am seeing this right.
Any insight from business owners/ service providers will be helpful.
Could someone post this on /SriLanka Subreddit, I am banned.