Arbusers

vivekananda wrote: you got many mails from skrill that they not participate in CRS.

What do you exactly want?

Pete1928 wrote:

vivekananda wrote: you got many mails from skrill that they not participate in CRS.

What do you exactly want?

and i got one where it says paysafe will. So what now?

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

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?

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

Clickcents1991 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!