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E-wallets and CRS

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Cl
Clickcents1991

Re: E-wallets and CRS

Sun Jun 25, 2017 1:56 pm

"my biggest concern is PayPal... Not sure if they report from 2016... TIN is still not provided. Maybe they report(ed) without it?"

I am sure Paypal WON'T REPORT IN 2017!

As you all see, they require your tax ID number for report as detail, I checked more than a hunread messages from paypal in my email adress, my personal info in my paypal account and even the sing up process and NO ONE ASKED that data from me in the past 2 yrs (I have my account since 2013) so the 1 000 000 $ is:

"How could they report under CRS if they do not have the necessary details for it?"

And one more thing: maybe Paypal has banking license in Luxembourg but that is STILL NOT A BANK, IT IS AN E-WALLET, hence Paypal is not under the CRS law!

Just see it with logic, can u get credit from paypal? NO ... it is not a commercial bank, it is jut an E-WALLET ...
Cl
Clickcents1991

Re: E-wallets and CRS

Sun Jun 25, 2017 1:58 pm

"NO ONE ASKED that data from me in the past 2 yrs"

I wrote badly, no1 asked it in the past 4 yrs :)
ropulos
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Re: E-wallets and CRS

Sun Jun 25, 2017 8:48 pm

when you open a swiss account you dont give them any fiscal code or tin.... but they will do CRS
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Re: E-wallets and CRS

Sun Jun 25, 2017 8:54 pm

ropulos wrote: when you open a swiss account you dont give them any fiscal code or tin.... but they will do CRS
Switzerland is participating in the CRS from 2018, reporting for 2017. You can be more than sure that they will ask for your TIN somewhere along the way until summer 2018.
Cl
Clickcents1991

Re: E-wallets and CRS

Mon Jun 26, 2017 7:51 am

"when you open a swiss account you dont give them any fiscal code or tin.... but they will do CRS"

They need the Tax ID number for submit the report about the account and on the other hand, they should send a form where they ask the personal details before the report - who knows, maybe some account holder's adress or name (due to marriage) has changed but they did not updated the new datas in the paypal account so I am sure paypal won't submit the CRS report because:

1. They not even have all details for the report!

2. Did not checked the customers details ...

3. They are an e-wallet company hence they are not subject of the CRS!

I am sure paypal won't report, no matter they have banking license or not, they are not a bank!
Cl
Clickcents1991

Re: E-wallets and CRS

Mon Jun 26, 2017 8:15 am

+1 more thing! When I created the account I had to send my ID card and a proof of my adress because of the EU anti-money laundering policy ....

I pretty sure they will message to the account holders for the tax ID at the moment when they have to report under the CRS and they will need this detail for that! So every day without such message until 2017 September slighten the chance of the paypal's report under the CRS law in my opinion!
ropulos
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Re: E-wallets and CRS

Mon Jun 26, 2017 3:02 pm

So ..if we close any account when they ask for TIN , tax code ... will save us from retroactivity reporting? I hope this is a good strategy!
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Re: E-wallets and CRS

Mon Jun 26, 2017 5:46 pm

PayPal or others E-wallets will do everything to fall not under the CRS. They would have come up with a lot of money. For example, the USA did not sign the CRS. They can not afford to lose more money.

Full List of Jurisdictions Which Will Not Automatically Exchange Information - https://thebanks.eu/articles/countries-which-will-not-automatically-exchange-account-information
Cl
Clickcents1991

Re: E-wallets and CRS

Mon Jun 26, 2017 6:55 pm

"PayPal or others E-wallets will do everything to fall not under the CRS. They would have come up with a lot of money. For example, the USA did not sign the CRS. They can not afford to lose more money."

Totally agree  :) and on the other hand I read about 1000 times E-wallets are not subjects of the CRS law and if we check out the paypal's services it is logically an E-wallet ... for example -  you cannot get credit from paypal ...
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Re: E-wallets and CRS

Thu Jun 29, 2017 7:47 pm

Hello im new and i read some interesting comment. So i registred to skrill a few days ago and my goal is a prepaid card and not to be reported. I want to found my wallet with bitcoin (nothing illegal just some mined coins) In my country bitcoin taxes are dosn't exist and it would be hard to explain where did the money come from so its safer not to pay taxes. Its safe to send to skrill my id and proof of adress ? I dont want to store any founds on my account i just want to found with btc then use my card to convert to cash. So my question is im safe until they ask me for my TIN ? What if i dont provide them ? They still report me ? I dont care if they close my account. And what abount Advcash ? Any info about them ? Nothing about CRS on their side however on bitcointalk they sad "Our card vendor will be participating starting 2017".
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Re: E-wallets and CRS

Fri Jun 30, 2017 3:35 pm

Messaging with the Executive Escalations Office of PayPal:

Thank You for Your answer. You wrote:

"Acceptance of the new terms is voluntary. However, in the event that a user does not accept the changes then subject to any other provisions of the User Agreement, the user must close his or her account."

So on the ##th of April, #### I closed my account at PayPal.

How does it affect the CRS related reporting for #### (if any) considering that it was not a part of the PayPal agreements earlier?

------

"In regards to your question, subject to the relevant consents included in your user agreement PayPal will report as required by regulations made by the Luxembourg Government in respect of FATCA and CRS."
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Re: E-wallets and CRS

Fri Jun 30, 2017 3:37 pm

And their first message:

I am contacting you following our previous call, and your request regarding changes in our privacy policy.

Again, I would to apologise for any inconvenience that may have been caused due to our delayed review.

As you have noted the upcoming changes to the PayPal Privacy policy include user consents permitting PayPal to provide data to Tax Administrations under the requirements of FATCA and CRS as implemented in Luxembourg. By agreeing to the new terms, you permit PayPal to provide data as required under the applicable legislation if they apply and you are a reportable person. This could include data for all years in which reporting is required under FATCA and CRS. Acceptance of the new terms is voluntary. However, in the event that a user does not accept the changes then subject to any other provisions of the User Agreement, the user must close his or her account.



So it's still not clear for me....
Cl
Clickcents1991

Re: E-wallets and CRS

Fri Jun 30, 2017 4:03 pm

Okay but how can they submit a report if they do not have all details what is necessary for the CRS report? lol

I think they just updated the CRS in their policy and if they will be under the CRS once (if the authorities in luxembourg ask it) they will report, but due to they are an e-wallet company, they won't do it!
Cl
Clickcents1991

Re: E-wallets and CRS

Fri Jun 30, 2017 4:52 pm

It is so easy to get to know which financial institution report or not...

I have just read 5 bank's policy about CRS and from 2016 january 1 all new account holder must provide informations about their "tax residence" and THEY HAVE TO PROVIDE THEIR TAX ID/TIN if they have such thing in their country!

So it is easy, some1 try to create a paypal account and see if they give any form when they ask these infos, if not, they sure won't report!
Cl
Clickcents1991

Re: E-wallets and CRS

Fri Jun 30, 2017 4:59 pm

See the description at the citibank's website:

https://www.citibank.hu/gcb/Lakossagi_ugyfelek/english/CRS/index.htm

"If you are opening bank account after January 1, 2016, you will need to complete additional documentation (CRS Self-Certification Form) as applicable to comply with CRS requirements."

Let's check if paypal require such thing or not :)

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