UPDATES AND ANNOUNCEMENT: More details about Withholding Tax and Rewards Conversion. As mandated by law, Ingenious will withhold 10% EWT (Expanded Withholding Tax) from your earnings whether used to purchase BUX or requested for check payment or bank account credit. Those who would provide TIN will receive Certificate of Tax Withheld at Source that they can use when filing annual income tax return. We are going to announce LATER on how the company will obtain TIN information from Philippine-based Users. Paybux App/Online wont require this information as a standard because we intend Paybux services to be offered globally. Users from other countries are in fact using the App already. As of today, the App Development team has successfully tested the App version for buying bux credits using Hexcell Rewards earnings (conversion of rewards to bux credits). They are currently testing the ONLINE version to ensure smooth provisioning of the feature before the committed delivery on April 10. Currently, ONLY BUX are transferrable between accounts. You have to convert Hexcell Rewards to BUX for you to be able to transfer it to other accounts or to YOUR other accounts (when you have multiple accounts) and be able to consolidate it. All services (conversion, transfer and payment request) are subject to Service Fees but Ingenious is waiving these fees in the meantime.
Posted on: Mon, 07 Apr 2014 14:17:39 +0000
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