Great,Arbusers wrote: We have some good news at last.
thank you for sharing this with us.
So this is it then? We are ok for this year? Forever?
what do you think?
Cheers
Great,Arbusers wrote: We have some good news at last.
From ecoPayz About page:vidic26 wrote: And, whats happening with ecopayz?
So I think ecoPayz is same as Neteller and Skrill related in the CRS issue.PSI-Pay Ltd is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FCA Reference Number 900011) for the issuing of electronic money, and facilitates its' services across the European Economic Area (EEA).
I don't know what are you still solve Pete1928. Here you have a clear answer Arbusers. Follow all T&C, News OECD and be at rest.Arbusers wrote: We have some good news at last.
Last week I met our managers in both Paysafe group and ecoPayz. We had a long discussion about the CRS and they stated that both companies are waiting for the guidelines of the FCA, the regulating authority when it comes to e-wallets.
I contacted the FCA and I received the following statement, that I can now post here after receiving their green light:
Dear XXXXX,
Thanks for taking the time to contact the Financial Conduct Authority (FCA). I understand you're looking to find out if E Money wallets such as Skrill and Neteller are obliged to participate in the OECD exchange of information Common Reporting Standards (CRS).
I can confirm that the obligation to comply with the CRS would only be applicable to firms that fall under the Capital Requirements Directive (CRD IV). The CRD IV includes firms that carry out activities under the Banking Consolidation Directive (BCD) such as PayPal, but it does not include regulated Electronic Money firms.
Subsequently this would mean that neither Skrill or Neteller would be subject to these requirements.
I hope this information is helpful.
Yours sincerely
Darren Cotton
Customer Contact Centre
Financial Conduct Authority
Consumer Helpline: 0800 111 6768
Website: www.the-fca.org.uk
Email: consumer.queries@fca.org.uk
This is a bit different to what is mentioned in this link:jarora wrote: Department PayPal Privacy Policy and answer to CRS Law:
Dear XXX,
Thank you for contacting PayPal regarding disclosing information about your PayPal account with tax offices in your country.
My name is Lucyna and I will do my best to resolve your query today.
Firstly, I regret the inconvenience you have experienced in this matter so far.
Please be advised that PayPal is a bank and we need to comply with banking regulations, which means that we may disclose information about your PayPal account on official request.
Basically, we would need to have an official request from your governmental institution, e.g. tax office, with a valid reason to disclose information about your PayPal account.
Also, request should include email address your PayPal account is registered with and other confidential details regarding your PayPal account.
More, according to law, it is your responsibility to inform your tax office about any income and it is up to you if you do that. It does not mean that PayPal produces report, which is sent to your officials on a regular basis. It can be done only on request.
I hope that the information I have provided has been of use. However, please do not hesitate to contact us if you require any further assistance.
It is my pleasure to assist you. Thank you for choosing PayPal.
Yours sincerely,
Lucyna
PayPal
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I sent what you wrote, and here's the answer:sonic wrote:This is a bit different to what is mentioned in this link:jarora wrote: Department PayPal Privacy Policy and answer to CRS Law:
Dear XXX,
Thank you for contacting PayPal regarding disclosing information about your PayPal account with tax offices in your country.
My name is Lucyna and I will do my best to resolve your query today.
Firstly, I regret the inconvenience you have experienced in this matter so far.
Please be advised that PayPal is a bank and we need to comply with banking regulations, which means that we may disclose information about your PayPal account on official request.
Basically, we would need to have an official request from your governmental institution, e.g. tax office, with a valid reason to disclose information about your PayPal account.
Also, request should include email address your PayPal account is registered with and other confidential details regarding your PayPal account.
More, according to law, it is your responsibility to inform your tax office about any income and it is up to you if you do that. It does not mean that PayPal produces report, which is sent to your officials on a regular basis. It can be done only on request.
I hope that the information I have provided has been of use. However, please do not hesitate to contact us if you require any further assistance.
It is my pleasure to assist you. Thank you for choosing PayPal.
Yours sincerely,
Lucyna
PayPal
https://www.paypal.com/fi/webapps/mpp/ua/facta-full
More specifically it says:
"If you qualify 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, as a reporting financial institution under these laws, with the Luxembourg tax authorities. The latter will exchange this information with the U.S. Internal Revenue Service if FACTA 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.
The information listed above will be exchanged with the Luxembourg tax authorities for any calendar year during which you are or become a Reportable Account Holder (at the latest on 30 June of the subsequent calendar year). Such data will consequently continue to be processed by us until it is no longer necessary for the purposes for which they were processed."
So here it says that information exchange will be automatic and not upon request... similar to a regular bank