I recently won an auction on Sedo. For this discussion's sake, an amount greater than $5000 so payment via a CC is not an option. This will be the first time that I'll be sending a wire transfer for such a large amount. Also for context, I'm based out of India where banking laws are quite strict, especially for individuals and consumers.
To process this transaction, my bank and accountant asked me for some documentation to establish which tax laws are applicable for such a transaction. Specifically, if Sedo is domiciled or has a presence in India, then there are certain tax implications that I need to follow and if not, they are not applicable. Additionally, to comply with AML requirements, the bank needs a tax residency certificate.
I requested the relevant documents from Sedo but the transfer agent simply responded with a refusal to provide the same and in the same sentence also threatened legal action if I do not complete the payment. I'm not sure what I can do in this situation as I obviously need to comply with the laws in my country and I definitely want to proceed with the transaction. But refusing to enable me to complete the transaction and also threatening me with legal action has put in in a catch-22 situation. Any suggestions on how to deal with this and advice on completing this transaction would be hugely appreciated.
Thank you
To process this transaction, my bank and accountant asked me for some documentation to establish which tax laws are applicable for such a transaction. Specifically, if Sedo is domiciled or has a presence in India, then there are certain tax implications that I need to follow and if not, they are not applicable. Additionally, to comply with AML requirements, the bank needs a tax residency certificate.
I requested the relevant documents from Sedo but the transfer agent simply responded with a refusal to provide the same and in the same sentence also threatened legal action if I do not complete the payment. I'm not sure what I can do in this situation as I obviously need to comply with the laws in my country and I definitely want to proceed with the transaction. But refusing to enable me to complete the transaction and also threatening me with legal action has put in in a catch-22 situation. Any suggestions on how to deal with this and advice on completing this transaction would be hugely appreciated.
Thank you