FAQ - Taxes
Do I need to pay tax on my diamonds?
First off, you are responsible for the taxation of the diamonds you receive on our platform.
LOVOO cannot and must not assess whether diamonds are considered taxable income for
you or not.
However, if you regularly receive diamonds on our platform, it is arguable that you need to
report this to the Tax Office, but only a tax consultant can provide you with precise and
binding information. Please note that our Customer Service team and Talent Management
team cannot and must not provide information on tax legislation.
US Residents can read more about taxes here.
Why should I declare my income?
Declaring your income to the Tax Office and paying the taxes that may arise will mainly help
to protect you.
You owe taxes depending on whether you are registered with the Tax Office and state your
income on your tax return or not. On the contrary, if you fail to do so, this may amount to a
tax offence and result in penalties on the taxes owed. Taxes can even be imposed 10 years
down the line.
What initial steps should I take if I earn money from streaming?
If you think that you are liable to taxation on the basis of your income, you should contact
either a tax consultant or a business incubator in your city. You can also find some
Generally speaking, it is better to deal with the matter sooner rather than later.
What are the advantages of registering as a contractor?
The fact that you need to pay tax on your income may be annoying at first, but:
- You are complying with the law and do not need to worry about fines and penalties.
- You can deduct expenses that arise in connection with your streams, e.g. your new iPhone and entertainment expenses, as operating expenses. These expenses are offset against your income and reduce your net profit. This means that you need to pay less taxes. You only need to pay taxes on your profit, i.e. income, minus your operatingexpenses.
Note: Set aside evidence, such as sales receipts.
- Many professional providers, such as equipment sellers and advertising agencies, only work with verifiable professionals and registered contractors or offer lower prices.
- You can apply for subsidies or start-up grants on the basis of enhancing the quality of your work.