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E-wallets and CRS

Exchange ideas and share info about all e-wallets
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arbusers
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Re: E-wallets and CRS

Fri Dec 08, 2017 11:33 am

Pete1928 wrote: Arbusers, now you probably scared the fella that e-wallets have already exchanged information, which they haven't, for two reasons.

"According to CRS, all balances of 31st Dec 2016 are already reported somewhere in the middle of the year, probably May or June 2017. "

You meant banks, and other depository institutions, it seems they have exchanged it, yes. But they also clearly announced it, some even a year in advance.
Exactly. The guy understood completely what I said. Thank you for providing the review of the current state of play.
jarora
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Re: E-wallets and CRS

Fri Dec 08, 2017 11:56 am

Well written Pete1928. You summed up everything what they all do needed.
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Re: E-wallets and CRS

Thu Dec 14, 2017 3:36 pm

Guys, I'm new to this forum, read through this topic from the beginning already, excellent information. I have a question though:
Am I correct to assume that if I'm citizen and resident of X country (EU) but used to live in Y (EU) country for 3 years and still have my Y country bank account and Paypal (with mailing address within Y country), then the bank won't report me to tax authorities with the CRS reporting?

Thanks for sharing your opinion.  :)
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arbusers
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Re: E-wallets and CRS

Thu Dec 14, 2017 7:40 pm

fox9 wrote: Guys, I'm new to this forum, read through this topic from the beginning already, excellent information. I have a question though:
Am I correct to assume that if I'm citizen and resident of X country (EU) but used to live in Y (EU) country for 3 years and still have my Y country bank account and Paypal (with mailing address within Y country), then the bank won't report me to tax authorities with the CRS reporting?

Thanks for sharing your opinion.  :)
The bank already determined what is your tax residency and will report accordingly.
Paypal seems to be a grey area for reporting.
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Re: E-wallets and CRS

Thu Dec 21, 2017 12:17 pm

Arbusers wrote: For 2017, transactions within the year should be also reported, but, I have serious doubts that transactions will be exchanged as well, because year end balances reporting already caused a chaos. I believe absolutely no-one would answer to that question now, but if things stay as they are, transactions should be reported also.
This is something new to me, where did you get that info from? So far I've only seen references to end-of-year balances and nothing about transactions. I read through the previous pages of the thread but didn't find anything on that point either.

My question is specifically about CRS and PayPal btw.
Last edited by arbies86 on Thu Dec 21, 2017 12:53 pm, edited 1 time in total.
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Re: E-wallets and CRS

Thu Dec 21, 2017 9:50 pm

So what's going on with Neteller?
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Re: E-wallets and CRS

Fri Dec 22, 2017 11:07 am

Pete1928 wrote: P.S. Don't forget to, just in case, not have anything on your balances guys on 31.DEC.
You have a very strong point here but some people are keeping so much money in wallets and they find it very difficult to trust a bookmaker with all these even if we are talking about betfair and pinnacle.
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Re: E-wallets and CRS

Sun Dec 24, 2017 8:51 am

Pete1928 wrote: P.S. Don't forget to, just in case, not have anything on your balances guys on 31.DEC.
Send money to ''safe heavens'' like betfair, matchbook, sbobet, smarkets and then withdraw it back. In this case you ll have to see what the minimum roll over is at each bookmaker and finish it within a timely manner.
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Re: E-wallets and CRS

Mon Jan 15, 2018 4:56 pm

thx for the summary pete. Does anyone know about crypto exchanges like bittrex, binance? Do they report balances according to CRS / AEOI to tax authorities within the EU?
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Re: E-wallets and CRS

Mon Jan 15, 2018 6:50 pm

JX123 wrote: thx for the summary pete. Does anyone know about crypto exchanges like bittrex, binance? Do they report balances according to CRS / AEOI to tax authorities within the EU?
Binance, Bittrex are exchange sites, so i guess they don´t.
But you could contact the sites also and ask them.
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Re: E-wallets and CRS

Tue Jan 16, 2018 6:40 am

I think when even skrill doesnt report irs then exhanges like bitrex and binance either...
I think they dont report BUT, if IRS asks them they probably  give them
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Re: E-wallets and CRS

Wed Jun 06, 2018 3:44 pm

Paypal seems to be a grey area for reporting.
[/quote]

hmm, i see that PP have FACTA and CRS Law in their Privacy Policy.
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Re: E-wallets and CRS

Thu Jun 07, 2018 12:30 pm

vegas777 wrote:
Paypal seems to be a grey area for reporting.
hmm, i see that PP have FACTA and CRS Law in their Privacy Policy.
[/quote]

Yes. For such volume of accounts, this is not possible.
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Re: E-wallets and CRS

Sun Jul 22, 2018 10:55 am

First off, thank you for an excellent thread everyone (still around reading this)!

I read everything from the beginning, but I'm still a little unsure what the consensus is right now. This is the situation as I see it:

1. Paypal (despite having a banking licence) seems to actively avoid giving any information for 2016 & 2017 anywhere, and the window has closed or is closing on those years being relevant anyways. Do we still know anything beyond that about say 2018 or 2019?

2. Skrill and it's parent company seem to be unreliable and give contradicting information about the issue.

3. In general, there is not that much to worry about, until the service provider asks for specific tax residency information. Is this true? Is there a chance that information is automatically shared with any authority without your knowledge just based on address and/or passport nationality?
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arbusers
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Re: E-wallets and CRS

Mon Jul 23, 2018 6:49 am

Of course you cant take what you read in the forum as a tax or accounting advise. But,

1. According to my understanding PayPal is forced by CRS to exchange information. However, it seems that no information is exchanged yet. It would be interesting to have the opinion of their legal department. Most possibly they are hiding behind the e-money exclusion. PayPal is not used for gambling reasons so the interest of our community is/should be minimal.

2. PaySafe and ecoPayz are e-money operators and therefore they have no obligation to exchange information.

3. There are 2 alarming signals. TINs (Tax Identification Numbers) and Tax residency. If anyone asks for this information, most probably information will be exchanged. There is only 1 possibility that banks/operators determine what the tax residency of the client is, when the client, if asked, gives contradicting information or no information at all.

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