you got many mails from skrill that they not participate in CRS.
What do you exactly want?
E-wallets and CRS
- vivekananda
- Gaining experience
- Karma: 5
Post
When you asked logged into your Skrill account, you have a concrete answer about your account that will not reported.
Reporting is not secret. I do not see why Skrill would like paypal notify users if they will report them
So, If they said trough account email that they will not participate, then they not.
Re: E-wallets and CRS
From what I saw, the answer you receive while you were not logged into your Skrill account. As I mentioned before, Paysafe has 5 companies and not all e wallets, so it was a logical answer from them. They told you to ask Paysafe support to concrete account.Pete1928 wrote:and i got one where it says paysafe will. So what now?vivekananda wrote: you got many mails from skrill that they not participate in CRS.
What do you exactly want?
When you asked logged into your Skrill account, you have a concrete answer about your account that will not reported.
Reporting is not secret. I do not see why Skrill would like paypal notify users if they will report them
So, If they said trough account email that they will not participate, then they not.
Last edited by vivekananda on Wed Apr 05, 2017 4:15 pm, edited 1 time in total.
- jauser
- Gaining experience
- Karma: 1
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Re: E-wallets and CRS
I have a paypal account used and registered from Paypal Luxembourg before than 31-12-2015 and I dont receive any comunication requesting to update detail for FATCA purposes, however I have a paypal account never used and registered in Paypal Singapore after than 01-01-2016 and they requesting desperately to fill my personal details.
The questions should be:
Why Paypal Singapore request me details for FATCA if they are not bank licensed? Perhaps being the branch of Paypal Luxembourg they are required for send data of account holders to Paypal Luxembourg to be they ones who report to Tax offices?
Paypal Luxembourg could report account holders to Tax ofice with current registered data without requesting to holders for updated his data and without informing to his client which is going to be reported?
Hello xxxxx xxxx,
Please do not ignore this communication. Prompt action is needed or your account will be limited. It is important you complete this process without any further delay. We need to collect additional information about your business for compliance and regulatory reasons.
If you do not provide this information, you will not be able to send or receive money after 25 April 2017. You can continue to use your PayPal account and withdraw money.
Submitting this information will only take you a few minutes.
How do you submit the information to us?
Simply click on the button below to submit your information. After you click it, you'll be taken to the PayPal website. Log in to your account, and then follow the instructions to submit your information.
Why do we need this information?
The Foreign Account Tax Compliance Act (FATCA), a U.S. tax law, requires financial institutions like PayPal to collect additional information from customers when a new business account is opened . This information is required even if your business or your customers are not United States taxpayers or located in the United States. This information is collected for regulatory and compliance purposes. If you’d like to learn more about FATCA, click here
The questions should be:
Why Paypal Singapore request me details for FATCA if they are not bank licensed? Perhaps being the branch of Paypal Luxembourg they are required for send data of account holders to Paypal Luxembourg to be they ones who report to Tax offices?
Paypal Luxembourg could report account holders to Tax ofice with current registered data without requesting to holders for updated his data and without informing to his client which is going to be reported?
Hello xxxxx xxxx,
Please do not ignore this communication. Prompt action is needed or your account will be limited. It is important you complete this process without any further delay. We need to collect additional information about your business for compliance and regulatory reasons.
If you do not provide this information, you will not be able to send or receive money after 25 April 2017. You can continue to use your PayPal account and withdraw money.
Submitting this information will only take you a few minutes.
How do you submit the information to us?
Simply click on the button below to submit your information. After you click it, you'll be taken to the PayPal website. Log in to your account, and then follow the instructions to submit your information.
Why do we need this information?
The Foreign Account Tax Compliance Act (FATCA), a U.S. tax law, requires financial institutions like PayPal to collect additional information from customers when a new business account is opened . This information is required even if your business or your customers are not United States taxpayers or located in the United States. This information is collected for regulatory and compliance purposes. If you’d like to learn more about FATCA, click here
Last edited by jauser on Mon Apr 17, 2017 10:25 am, edited 1 time in total.
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Cl
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Re: E-wallets and CRS
Hey guys, I read this in the policy update at paypal! My English is not the best, but I suppose this means that paypal will report our details under the CRS law ... Am I wrong? I know many person got reply from paypal when paypal moderators told "paypal is not subject of CRS" but is it possible they know it badly?
"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."
Thx for replies ... greeting from Hungary
"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."
Thx for replies ... greeting from Hungary
- RockyRocks
- Gaining experience
- Karma: 3
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Re: E-wallets and CRS
Not surprised Paypal is on with it. But anyway, I read a bit of CRS and it seems to me that if you your account has a balance lower than $50,000 (same as FACTA) it might be an excluded account, but many websites state that is not the case and no minimum threshold applies. Could somebody enlighten me?
- jarora
- Gaining experience
- Karma: 2
Post
Re: E-wallets and CRS
Write in the Privacy Policy and the answer will be the same.Clickcents1991 wrote: Hey guys, I read this in the policy update at paypal! My English is not the best, but I suppose this means that paypal will report our details under the CRS law ... Am I wrong? I know many person got reply from paypal when paypal moderators told "paypal is not subject of CRS" but is it possible they know it badly?
"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."
Thx for replies ... greeting from Hungary
- jarora
- Gaining experience
- Karma: 2
Post
Re: E-wallets and CRS
Yes for CRS is from 0 balance but banks can determine. Many banks have from 250k. The reason is the same as when the US did not sign the CRS law. Outflow of capital from the country.RockyRocks wrote: Not surprised Paypal is on with it. But anyway, I read a bit of CRS and it seems to me that if you your account has a balance lower than $50,000 (same as FACTA) it might be an excluded account, but many websites state that is not the case and no minimum threshold applies. Could somebody enlighten me?
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Cl
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Re: E-wallets and CRS
Well they have just replied and now it is cristal clean they will report under the CRS, luckly I paid the high taxes (27+16)% after my online payments and my payment was not more than 5-6k USD so I guess the Hungarian tax office won't give a s**t about my paypal bill, but if yes at least they can't say I did not paid the taxes lol
Anyway they sent me what details they will exchange automatically ... probably your privacy details (name, adress, tax number, number of bill etc.) + your balance at 31 of december, nothing more, so I am sure i won't get a tax check after paying that many taxes for one paypal bill with $4,5 balance lol
Anyway they sent me what details they will exchange automatically ... probably your privacy details (name, adress, tax number, number of bill etc.) + your balance at 31 of december, nothing more, so I am sure i won't get a tax check after paying that many taxes for one paypal bill with $4,5 balance lol
Last edited by Clickcents1991 on Thu Apr 20, 2017 1:26 pm, edited 1 time in total.
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Cl
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Re: E-wallets and CRS
This is what they exactly wrote me:
Dear XXX,
Thank you for contacting PayPal regarding legal agreements for PayPal services.
I hope you are doing well. My name is Hakan and I am more than happy to assist you today.
Under 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”), adopted, respectively, to implement an agreement between the United States (“U.S.”) and the Luxembourg governments on international tax compliance and an EU Directive on mandatory automatic exchange of information in the field of taxation (2014/107/EU), we, as a data controller, inform you that the following data will be collected and may be exchanged or otherwise processed for the purposes of the aforementioned laws (assuming they apply) and in accordance with them:
your name;
your address;
your country (or countries) of (deemed) tax residence;
your Tax Identification Number(s) issued by your country or countries of tax residence, and, where applicable, your U.S. Tax Identification Number (U.S. TIN);
your place and date of birth;
your account number (or substitute account number, identifying your funds held);
your account balance or value as at 31 December of any year during which the account is held;
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 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.
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 this means that they do report, but they report only the account balance in 31th of December and do not report the whole transaction list with incomes and outcomes!
Dear XXX,
Thank you for contacting PayPal regarding legal agreements for PayPal services.
I hope you are doing well. My name is Hakan and I am more than happy to assist you today.
Under 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”), adopted, respectively, to implement an agreement between the United States (“U.S.”) and the Luxembourg governments on international tax compliance and an EU Directive on mandatory automatic exchange of information in the field of taxation (2014/107/EU), we, as a data controller, inform you that the following data will be collected and may be exchanged or otherwise processed for the purposes of the aforementioned laws (assuming they apply) and in accordance with them:
your name;
your address;
your country (or countries) of (deemed) tax residence;
your Tax Identification Number(s) issued by your country or countries of tax residence, and, where applicable, your U.S. Tax Identification Number (U.S. TIN);
your place and date of birth;
your account number (or substitute account number, identifying your funds held);
your account balance or value as at 31 December of any year during which the account is held;
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 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.
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 this means that they do report, but they report only the account balance in 31th of December and do not report the whole transaction list with incomes and outcomes!
- Thordin
- Totally Pro
- Karma: 30
Post
Re: E-wallets and CRS
could it be they are treating personal accounts different than merchant accounts?
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Cl
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Re: E-wallets and CRS
I heard that CRS has no limit on personal accounts and they have to report every accounts even the ones with 0 balance...
but I heard that business accounts has 250k USD limit, but I am not sure they do not report the accounts under 250k $ balance because of the CRS , but if they don't then this CRS law is just an utter nonsense because then they report the private persons with a few hunread bucks "poker money or whatever" while offshore companies can still hide their money if they are under 250k even they can hide $2 million if they make 10 bank accounts lol
but I heard that business accounts has 250k USD limit, but I am not sure they do not report the accounts under 250k $ balance because of the CRS , but if they don't then this CRS law is just an utter nonsense because then they report the private persons with a few hunread bucks "poker money or whatever" while offshore companies can still hide their money if they are under 250k even they can hide $2 million if they make 10 bank accounts lol
- jarora
- Gaining experience
- Karma: 2
Post
Re: E-wallets and CRS
$2 million if they make 10 bank accounts is reported only 10 bank accounts together max. to 250k is not reported.Clickcents1991 wrote: I heard that CRS has no limit on personal accounts and they have to report every accounts even the ones with 0 balance...
but I heard that business accounts has 250k USD limit, but I am not sure they do not report the accounts under 250k $ balance because of the CRS , but if they don't then this CRS law is just an utter nonsense because then they report the private persons with a few hunread bucks "poker money or whatever" while offshore companies can still hide their money if they are under 250k even they can hide $2 million if they make 10 bank accounts lol
- jarora
- Gaining experience
- Karma: 2
Post
This is what I sent to support PayPal and five people from support Privacy Policy told me they would not send my bank details just on request. I do not think they would deceive me. My PayPal account not have Tax Identification Number and in CRS handbook says that you must have CRS-Entity-Self-Certification, but nothing similar from e-wallets including PayPal. In CRS-Entity-Self-Certification muss write Tax Identification Number. Look all Banks: https://www.google.sk/?gws_rd=ssl#q=CRS-Entity-Self-Certification&*
Re: E-wallets and CRS
It is all from this link: https://www.paypal.com/gf/webapps/mpp/ua/facta-fullClickcents1991 wrote: This is what they exactly wrote me:
Dear XXX,
Thank you for contacting PayPal regarding legal agreements for PayPal services.
I hope you are doing well. My name is Hakan and I am more than happy to assist you today.
Under 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”), adopted, respectively, to implement an agreement between the United States (“U.S.”) and the Luxembourg governments on international tax compliance and an EU Directive on mandatory automatic exchange of information in the field of taxation (2014/107/EU), we, as a data controller, inform you that the following data will be collected and may be exchanged or otherwise processed for the purposes of the aforementioned laws (assuming they apply) and in accordance with them:
your name;
your address;
your country (or countries) of (deemed) tax residence;
your Tax Identification Number(s) issued by your country or countries of tax residence, and, where applicable, your U.S. Tax Identification Number (U.S. TIN);
your place and date of birth;
your account number (or substitute account number, identifying your funds held);
your account balance or value as at 31 December of any year during which the account is held;
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 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.
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 this means that they do report, but they report only the account balance in 31th of December and do not report the whole transaction list with incomes and outcomes!
This is what I sent to support PayPal and five people from support Privacy Policy told me they would not send my bank details just on request. I do not think they would deceive me. My PayPal account not have Tax Identification Number and in CRS handbook says that you must have CRS-Entity-Self-Certification, but nothing similar from e-wallets including PayPal. In CRS-Entity-Self-Certification muss write Tax Identification Number. Look all Banks: https://www.google.sk/?gws_rd=ssl#q=CRS-Entity-Self-Certification&*
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Cl