E-wallets and CRS (page 22)

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Pete1928
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Pete1928

Re: E-wallets and CRS
« Reply #315 on: December 08, 2017, 09:34:13 AM »

Arbusers, now you probably scared the fella that e-wallets have already exchanged information, which they haven't, for two reasons.

"According to CRS, all balances of 31st Dec 2016 are already reported somewhere in the middle of the year, probably May or June 2017. "

You meant banks, and other depository institutions, it seems they have exchanged it, yes. But they also clearly announced it, some even a year in advance.

As far as e-wallets, there are two indicators for their exclusion for the time being. The old directive about them being excluded since they are non-depository accounts (and mostly connected through banks anyway, how many people do you know that have money on e-wallets, especially substantial money, that has never gone through any of the banks?) seems to be still in effect.

1) They haven't asked for self-certification. Banks did, ALL of them. Meaning, if HSBC bank wanted to share information and send it first to their domicile tax office and then that tax office would distribute it and "exchange" it with other tax offices, they needed to ask for self-certification, including the TIN number and residence, since people change residences all the time and your TIN number is what differentiates you from another "John Jones" out of gazillion.

2) Skrill, Neteller and several other e-wallets are STILl replying to people nowadays that they are excluded from reporting, that this doesn't apply to them.

When it does,IF it does, they will have to somehow announce it, implement it so they don't lose a massive number of clients. So communication is key. They have the right to exchange something if necessary, but only if they get a court order for the time being, nothing automatic.

Also, you may have to want to read the topic in its entirety for details, since there are many other details here that are important, like the fact that paypal has a banking license and therefore is more regulated than FCA regulated e-wallets, etc. And yet not even paypal has exchanged anything yet, despite announcing so, they haven't asked for self-certification, which again, ALL of the banks and insurance companies that participate, have done.

Bottom line here is, nothing is official, nothing can be checked, I sincerely believe there is no way in the world for us to find out why exactly e-wallets have been excluded so far and if and when they would be included.

All I know is there is some resistance to the CRS protocols, from various sides, and bank compliance takes time and is gradual, but if you ask me whether in 2022. all that wouldn't be connected, I would say it will, which of course limits traders, arbers, punters, to relocating to countries with favorable legislations about it.


P.S. Don't forget to, just in case, not have anything on your balances guys on 31.DEC.

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Arbusers
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Arbusers

Re: E-wallets and CRS
« Reply #316 on: December 08, 2017, 11:33:25 AM »

Arbusers, now you probably scared the fella that e-wallets have already exchanged information, which they haven't, for two reasons.

"According to CRS, all balances of 31st Dec 2016 are already reported somewhere in the middle of the year, probably May or June 2017. "

You meant banks, and other depository institutions, it seems they have exchanged it, yes. But they also clearly announced it, some even a year in advance.

Exactly. The guy understood completely what I said. Thank you for providing the review of the current state of play.
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jarora
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jarora

Re: E-wallets and CRS
« Reply #317 on: December 08, 2017, 11:56:09 AM »

Well written Pete1928. You summed up everything what they all do needed.
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fox9
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fox9

Re: E-wallets and CRS
« Reply #318 on: December 14, 2017, 03:36:02 PM »

Guys, I'm new to this forum, read through this topic from the beginning already, excellent information. I have a question though:
Am I correct to assume that if I'm citizen and resident of X country (EU) but used to live in Y (EU) country for 3 years and still have my Y country bank account and Paypal (with mailing address within Y country), then the bank won't report me to tax authorities with the CRS reporting?

Thanks for sharing your opinion.  :)
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Arbusers
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Arbusers

Re: E-wallets and CRS
« Reply #319 on: December 14, 2017, 07:40:31 PM »

Guys, I'm new to this forum, read through this topic from the beginning already, excellent information. I have a question though:
Am I correct to assume that if I'm citizen and resident of X country (EU) but used to live in Y (EU) country for 3 years and still have my Y country bank account and Paypal (with mailing address within Y country), then the bank won't report me to tax authorities with the CRS reporting?

Thanks for sharing your opinion.  :)

The bank already determined what is your tax residency and will report accordingly.
Paypal seems to be a grey area for reporting.
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jarora
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jarora

Re: E-wallets and CRS
« Reply #320 on: December 19, 2017, 09:44:09 AM »

Guys, I'm new to this forum, read through this topic from the beginning already, excellent information. I have a question though:
Am I correct to assume that if I'm citizen and resident of X country (EU) but used to live in Y (EU) country for 3 years and still have my Y country bank account and Paypal (with mailing address within Y country), then the bank won't report me to tax authorities with the CRS reporting?

Thanks for sharing your opinion.  :)

The bank already determined what is your tax residency and will report accordingly.
Paypal seems to be a grey area for reporting.

Yes true using CRS-Entity-Self-Certification: https://www.google.com/search?q=CRS-Entity-Self-Certification&*&cad=h
« Last Edit: December 19, 2017, 09:45:42 AM by jarora » Logged
arbies86
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arbies86

Re: E-wallets and CRS
« Reply #321 on: December 21, 2017, 12:17:28 PM »

For 2017, transactions within the year should be also reported, but, I have serious doubts that transactions will be exchanged as well, because year end balances reporting already caused a chaos. I believe absolutely no-one would answer to that question now, but if things stay as they are, transactions should be reported also.

This is something new to me, where did you get that info from? So far I've only seen references to end-of-year balances and nothing about transactions. I read through the previous pages of the thread but didn't find anything on that point either.

My question is specifically about CRS and PayPal btw.
« Last Edit: December 21, 2017, 12:53:02 PM by arbies86 » Logged
Skaggerak
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Skaggerak

Re: E-wallets and CRS
« Reply #322 on: December 21, 2017, 09:50:43 PM »

So what's going on with Neteller?
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sideprofits
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sideprofits

Re: E-wallets and CRS
« Reply #323 on: December 22, 2017, 11:07:36 AM »

P.S. Don't forget to, just in case, not have anything on your balances guys on 31.DEC.

You have a very strong point here but some people are keeping so much money in wallets and they find it very difficult to trust a bookmaker with all these even if we are talking about betfair and pinnacle.
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campeones
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campeones

Re: E-wallets and CRS
« Reply #324 on: December 24, 2017, 08:51:15 AM »

P.S. Don't forget to, just in case, not have anything on your balances guys on 31.DEC.

Send money to ''safe heavens'' like betfair, matchbook, sbobet, smarkets and then withdraw it back. In this case you ll have to see what the minimum roll over is at each bookmaker and finish it within a timely manner.
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JX123
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JX123

Re: E-wallets and CRS
« Reply #325 on: January 15, 2018, 04:56:36 PM »

thx for the summary pete. Does anyone know about crypto exchanges like bittrex, binance? Do they report balances according to CRS / AEOI to tax authorities within the EU?
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BudSpencer
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BudSpencer

Re: E-wallets and CRS
« Reply #326 on: January 15, 2018, 06:50:55 PM »

thx for the summary pete. Does anyone know about crypto exchanges like bittrex, binance? Do they report balances according to CRS / AEOI to tax authorities within the EU?

Binance, Bittrex are exchange sites, so i guess they don´t.
But you could contact the sites also and ask them.
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maletaja
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maletaja

Re: E-wallets and CRS
« Reply #327 on: January 16, 2018, 06:40:25 AM »

I think when even skrill doesnt report irs then exhanges like bitrex and binance either...
I think they dont report BUT, if IRS asks them they probably  give them
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