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E-wallets and CRS

Exchange ideas and share info about all e-wallets
jauser
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Re: E-wallets and CRS

Tue Feb 07, 2017 11:50 pm

Gaypal is sure to start sharing information from 2017-2018 because is a bank https://thebanks.eu/banks-by-country/Luxembourg

I understand that a e-money as skril may not share info because dont is depository institution but I'm not sure.

I think that they will share info according:
* E-money services supplied from bank= Share info (le.upay,n2,6,payal..)
* E-money services supplied from e-money institution regulated by act 2011= No share info (rev.olut, advca.sh, ok pay..)
* E-money services plus payment gateways supplied from payment institution¿regulated by act 2009?= I don´t know (pays.era, worl.dpay...)

Can anyone tell me if a payment institution is like a e-money instituion in terms of AEO.I?

Best regards
Last edited by jauser on Tue Feb 07, 2017 11:58 pm, edited 1 time in total.
ISIN
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Re: E-wallets and CRS

Wed Feb 08, 2017 10:45 am

got an email from Paypal
they are changing the Legal Agreements
this comes to confirm they are part of CRS

3. How We Share Information with Other Third Parties (section 6.a.)

PayPal has to comply with and provide notifications under international tax obligations, including, but not limited to, the Luxembourg laws of 24 July 2015 on the US Foreign Account Tax Compliance Act (“FATCA Law”) and 18 December 2015 on the OECD common reporting standard (“CRS Law”). Where PayPal is a reporting financial institution under these laws., if a user qualifies as a specified U.S. person under FATCA Law and/or as a reportable person under CRS Law and assuming the FATCA Law and CRS Law impose obligations on PayPal (in either case, as a “Reportable Account Holder”), this information will be automatically exchanged by PayPal with the Luxembourg tax authorities. The Luxembourg tax authorities will exchange this information with the U.S. Internal Revenue Service if FATCA Law applies and/or, if CRS Law applies, with the competent authority or authorities of your respective country or countries of tax residence that are participating jurisdictions under CRS Law.
ISIN
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Re: E-wallets and CRS

Wed Feb 08, 2017 10:49 am

Skaggerak wrote: I was under the impression that Paypal already exchanges information.
yep. only end of year balance though:

https://www.paypal.com/si/webapps/mpp/ua/facta-full
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arbusers
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Re: E-wallets and CRS

Wed Feb 08, 2017 12:10 pm

ISIN wrote:
Skaggerak wrote: I was under the impression that Paypal already exchanges information.
yep. only end of year balance though:

https://www.paypal.com/si/webapps/mpp/ua/facta-full
The link you provided is very much important but it would be necessary to know if it is updated. Could someone ask them if the year end value is still intact with out the addition of transactions within the year?
Last edited by arbusers on Wed Feb 08, 2017 1:33 pm, edited 1 time in total.
midoritea
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Re: E-wallets and CRS

Wed Feb 08, 2017 1:18 pm

These pages seem fresh and a reasonable form of the necessary notification in advance. The details match wiki info (https://en.wikipedia.org/wiki/Common_Reporting_Standard#Information_to_be_exchanged)

It may worth to bring this to the attention of skrill/nt - since apparently THIS is the level of transparency that is legally required. At the very least they need googling "site:skrill.com crs" return something...
vivekananda
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Re: E-wallets and CRS

Wed Feb 08, 2017 7:31 pm

Arbusers wrote:
This post is very old and probably outdated. It would be good if someone asks this company if they do insist in their opinion.
I asked...

Dear Vivekananda,

Thank for your inquiry and interest in our services.

Actually our opinion is the same, however there can be some changes, which need to be considered or we have to pay attention on them.
We have recently read an article on paypal’s website, that they will exchange information about their clients, but it is related only to specific countries (in this case Luxembourg).
For example if you choose Germany as your country Fatca and CRS notice does not appear. And this relates only to paypal.

To get an adequate answer I suggest to check it with Paypal or another provider, if your personal agreement with them falls under the CRS rules or not.

Kind regards,
Sxxxxxx Sxxxxxxxx
International Tax Manager
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arbusers
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Re: E-wallets and CRS

Wed Feb 08, 2017 8:14 pm

This is not an answer.
Skaggerak
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Re: E-wallets and CRS

Thu Feb 09, 2017 7:49 am

So none of the information we've discussed over the last few days is valid and they somehow got away from the gaming weekend without divulging any new information.
jarora
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Re: E-wallets and CRS

Thu Feb 09, 2017 9:05 am

Question for Skrill on FB: Helllo. I want to ask whether they fall under the new law 2014/107/EU regarding CRS Law as a company PayPal: https://www.paypal.com/si/webapps/mpp/ua/facta-full

The answer Skrill on FB:  Hello, Please be advised to refer to our current Privacy Policy published on our Web Page: https://www.skrill.com/en/footer/privacypolicy/. Please, be advised that for any change, our customers are informed via an email. On our Webpage is published always the latest of the Privacy Noticed that is applying to our customers.
Regards,
VV

My note: On website Skrill Privacy Policy is not no note about CRS Law as at PayPal.
Pe
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Re: E-wallets and CRS

Thu Feb 09, 2017 9:17 am

Hello

There is no doubt that Skrill and Neteller are not affected by CRS:

https://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information/ieim400750

"Electronic Money Institutions authorised under the Electronic Money Regulations 2011 (EMR), which implements the European Union Electronic Money Directive (2009/110/EC) (EMD) in the UK, are not deposit takers for the purposes of the EU Capital Requirements Directive (2013/36/EU) (CRD)."

As you can see on the bottom of Neteller homepage for example, Neteller is regulated by EMR 2011...
Pe
Pep the boss

Re: E-wallets and CRS

Thu Feb 09, 2017 9:28 am

And for the freshest updates the most official page:

http://www.oecd.org/tax/automatic-exchange/news/
vivekananda
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Re: E-wallets and CRS

Thu Feb 09, 2017 9:36 am

Pete1928 wrote: This is the response I got today from Skrill, so I believe there is even legal basis to take them for their word on this one, at least for 2016.

Of course they will sooner or later be treated as a reporting FI, however it seems that for 2016 this is not the case, or if someone has any other ideas of how interpret the e-mail below, replied by Skrill today.




Dear XXXXX,
Thank you for your recent enquiry into the OECD /Standard for automatic exchange of financial account for tax matters.

Paysafe is compliant with all reporting obligations related to financial accounts. Currently, the OECD’s Standard for Automatic Exchange of Financial Account Information (or Common Reporting Standards) do not apply to e-money issuers. Paysafe continues to follow this legislation as it develops.

Kind regards,

Skrill Help Team

this is post one mounth ago...
I think that the law does not change so quickly that it would now be some changes.
jarora
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Re: E-wallets and CRS

Thu Feb 09, 2017 10:56 am

vivekananda wrote:
Pete1928 wrote: This is the response I got today from Skrill, so I believe there is even legal basis to take them for their word on this one, at least for 2016.

Of course they will sooner or later be treated as a reporting FI, however it seems that for 2016 this is not the case, or if someone has any other ideas of how interpret the e-mail below, replied by Skrill today.




Dear XXXXX,
Thank you for your recent enquiry into the OECD /Standard for automatic exchange of financial account for tax matters.

Paysafe is compliant with all reporting obligations related to financial accounts. Currently, the OECD’s Standard for Automatic Exchange of Financial Account Information (or Common Reporting Standards) do not apply to e-money issuers. Paysafe continues to follow this legislation as it develops.

Kind regards,

Skrill Help Team

this is post one mounth ago...
I think that the law does not change so quickly that it would now be some changes.
Yes it is true. It should be monitored Privacy Policy and News from official page OECD. Thanks all.
vivekananda
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Re: E-wallets and CRS

Thu Feb 09, 2017 12:43 pm

jarora wrote: Question for Skrill on FB: Helllo. I want to ask whether they fall under the new law 2014/107/EU regarding CRS Law as a company PayPal: https://www.paypal.com/si/webapps/mpp/ua/facta-full

The answer Skrill on FB:  Hello, Please be advised to refer to our current Privacy Policy published on our Web Page: https://www.skrill.com/en/footer/privacypolicy/. Please, be advised that for any change, our customers are informed via an email. On our Webpage is published always the latest of the Privacy Noticed that is applying to our customers.
Regards,
VV

My note: On website Skrill Privacy Policy is not no note about CRS Law as at PayPal.
when it was written this post? I do not see it on fb
Pe
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Re: E-wallets and CRS

Thu Feb 09, 2017 12:47 pm

Stop to think about the T&Cs because they will always come much more later than what you can see so much earlier on the OECD page I told you...

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