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E-wallets and CRS

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Cl
Clickcents1991

Re: E-wallets and CRS

Fri Apr 21, 2017 8:16 am

But jarora why do they write that in their policy what I copy pasted ... if I understand well they will automatically exchange information with the tax office of Luxembourg and then they will send these details to the national tax offices (if it is an OECD country) ...

My English is not perfect, so maybe I misunderstand it, this is why I ask, I guess you know more about this then me...
jarora
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Re: E-wallets and CRS

Mon Apr 24, 2017 10:30 am

Clickcents1991 wrote: But jarora why do they write that in their policy what I copy pasted ... if I understand well they will automatically exchange information with the tax office of Luxembourg and then they will send these details to the national tax offices (if it is an OECD country) ...

My English is not perfect, so maybe I misunderstand it, this is why I ask, I guess you know more about this then me...
I do not know that either. Perhaps according of some law they no need but they had to write to the web page. May have set limits of 50k or 250k and whoever exceeds the maximum limit will report.Who knows please answer.
grubitvrdy9
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Re: E-wallets and CRS

Mon Apr 24, 2017 2:43 pm

so in the end is skrill and neteller reporting to crs or not?
jarora
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Re: E-wallets and CRS

Tue Apr 25, 2017 6:01 am

grubitvrdy9 wrote: so in the end is skrill and neteller reporting to crs or not?
https://www.skrill.com/en/footer/privacypolicy/

I not see CRS in Privacy Policy.
Pete1928
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Re: E-wallets and CRS

Tue Apr 25, 2017 10:29 am

I have no idea any more.

https://www.oecd.org/tax/automatic-exchange/common-reporting-standard/CRS-related-FAQs.pdf

8. E-money providers – qualification as a Depository Institution
What is the status of electronic money providers for CRS purposes?
No special rules apply to electronic money providers. Like other financial industry participants, they must determine
whether they are a Financial Institution, as defined by the CRS. That determination will depend on the facts and
circumstances. For instance, in order to determine whether an electronic money provider is a Depository Institution,
the analysis must be done with reference to Section VIII(A)(5) and the related Commentary, in particular paragraph
13


Skrill keeps saying that "as a regulated e-money institution we are not required to report under CRS..." (always IDENTICAL answer btw) but is Paysafe a financial institution?

If so, what does that mean for neteller and skrill.

that's the thing here.
Last edited by Pete1928 on Tue Apr 25, 2017 10:31 am, edited 1 time in total.
ropulos
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Re: E-wallets and CRS

Thu Apr 27, 2017 11:29 pm

Depository institutions (aka banks), which includes commercial banks, savings and loans, and credit unions, receive money from depositors to lend out to borrowers. Nondepository institutions, such as finance companies, rely on other sources of funding, such as the commercial paper market. Because depository institutions receive funds from the public for safekeeping and are major sources of credit and the main providers of a payment system, these institutions are more heavily regulated than nondepository institutions.

Depository institutions provide 4 important services to the economy:

they provide safekeeping services and liquidity;
they provide a payment system consisting of checks and electronic funds transfers;
they pool the money of many savers and lend it out to people and businesses; and
they invest in securities.
Cl
Clickcents1991

Re: E-wallets and CRS

Mon May 01, 2017 7:19 pm

Well I think they won't, I asked on some forums and paypal is an e-wallet company not a bank and they need not report, the only reason why they added it to their privaty policy if it become necessary by law then they can report it...

They not even ready for report every account because there are so many accounts even from OECD country citizen which do not have the necessary details for subit the report (eg.  tax ID) ...
Pete1928
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Re: E-wallets and CRS

Thu May 18, 2017 7:55 am

any news here, it seems no one asked for anything yet, not even paypal who said they have to report?


I'm aware the reporting deadline may have extended, but until when do we have to wait for this to know for sure?

Skrill is still saying in May they are not a part of this, but their amended T&Cs on 31.1. confuses the situation.

Any thoughts, info here?
jarora
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Re: E-wallets and CRS

Fri May 19, 2017 1:35 pm

Pete1928 wrote: any news here, it seems no one asked for anything yet, not even paypal who said they have to report?


I'm aware the reporting deadline may have extended, but until when do we have to wait for this to know for sure?

Skrill is still saying in May they are not a part of this, but their amended T&Cs on 31.1. confuses the situation.

Any thoughts, info here?
I not see CRS in T&C or in PP so calmness  ;)

https://www.skrill.com/fileadmin/content/pdf/legal/generalterms/english.pdf
https://www.skrill.com/en/footer/privacypolicy/
Last edited by jarora on Fri May 19, 2017 1:37 pm, edited 1 time in total.
Pistu
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Re: E-wallets and CRS

Fri Jun 02, 2017 9:35 am

So will PayPal report from 2016 data (balance at end of year and personal details) or not?  Still not clear.
jarora
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Re: E-wallets and CRS

Sun Jun 04, 2017 10:39 am

Pistu wrote: So will PayPal report from 2016 data (balance at end of year and personal details) or not?  Still not clear.
When they sent you a CRS-Entity-Self-Certification document so yes. Otherwise not.
Pistu
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Re: E-wallets and CRS

Sun Jun 04, 2017 12:18 pm

Not yet. Has anyone received such? We did not have to fill it at signing up for Paypal either as I remember. I cancelled my PP account before the new pricacy policy took effect. Wonder what will happen with my personal data.
Cl
Clickcents1991

Re: E-wallets and CRS

Sun Jun 04, 2017 1:07 pm

"Not yet. Has anyone received such?"

Pistunak - nekem még meg van a paypal fiókom amit leürítettem 0-ra Dec 31-re és a ráérkező jövedelmemet is adóztam a szerény 27% ECHO és 16% SZJA kulcsok után, de szerintem nem fogják küldeni ezeket az adatokat...

Most néztem meg a fiókomat, nekem a "tax idefication number" azaz adóazonosítóm  pl. be sincs írva a fiókba (se az adószámom, se a közösségi adószámom nincs megadva), szóval már tuti kérték volna ...

Egyébként nekem is azt írták, hogy nem küldenek ki semmilyen adatot ...

Arról pedig, hogy mi lesz a törölt fiók sorsa, nos pár évig megtartják az "account infot" amíg kötelezettségük, utána gondolom törlődni fog!
Cl
Clickcents1991

Re: E-wallets and CRS

Sun Jun 04, 2017 1:19 pm

És itt egy vidi, hogy mit kérnek a paypalhoz regizéskor, sehol csak adóazonosító, az gondolom csak business fiókhoz kell és nem is kérték azóta sem szóval tuti nem jelentik a fiókokat ...

phpBB [video]


(This video shows what does paypal ask for sign up, they do not ask tax ID number, I also checked my account and there aren't any tax ID collected or stored, so I am sure they won't report the average accounts, maybe the business accounts only because they not even have the details what are necessary for the report about me and not even asked!
sideprofits
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Re: E-wallets and CRS

Wed Jun 07, 2017 6:48 am

The HMRC set a deadline of June 1st before which all financial institutions had to send data.
All questions will be answered if someone sends emails to Skrill, Neteller, Ecopayz (and Paypal for those who care) asking them what info did they send to the HMRC in regards to their accounts. Their reply should be carefully stored for future use. They have no right to refuse answering or giving general answers. This is reality check that nobody can avoid. My negative opinion for ewallets remains as it is. I prefer using banks.

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