Arbusers

apoel81 wrote: ↑

Mon Jul 29, 2024 10:55 am

If EMI's will be under CRS scope soon, you will get reported to your local tax authorities if your EMI is in another country.

If EMI's will be treated as banks, on paper you will not get reported if your EMI's is licensed in your country.

What do you mean by "EMI's will be treated as banks"?
My understanding is that there is an EMI and there is a bank. If EMI switched to a banking license effectively it is a bank now, not EMI.

There are very strong indications that EMIs will report soon, like any bank nowadays, but what makes you feel that local EMIs will be cleared of reporting? Or your idea is strictly about CRS, without consideration of possible future local laws ?

Thanks!

Pipo Mendez wrote: ↑

Mon Jul 29, 2024 1:18 pm

apoel81 wrote: ↑

Mon Jul 29, 2024 10:55 am

If EMI's will be under CRS scope soon, you will get reported to your local tax authorities if your EMI is in another country.

If EMI's will be treated as banks, on paper you will not get reported if your EMI's is licensed in your country.

What do you mean by "EMI's will be treated as banks"?
My understanding is that there is an EMI and there is a bank. If EMI switched to a banking license effectively it is a bank now, not EMI.

There are very strong indications that EMIs will report soon, like any bank nowadays, but what makes you feel that local EMIs will be cleared of reporting? Or your idea is strictly about CRS, without consideration of possible future local laws ?

Thanks!

Given that your local banks aren't reporting you under CRS, i hope that local EMI's will not report either. Nothing is sure yet obviously, we have to see the law once it is finalized.

I have a PayPal account registered under "PayPal Pte. Ltd" in the Singapore region.
I’m aware that PayPal has explicitly mentioned they may report under the CRS in EU countries since they are a licensed bank in Luxembourg.

However, for an account under the Singapore region, where PayPal is only licensed as a 'Major Payment Institution,' does PayPal Singapore report under CRS?
Found nothing in their privacy policy ...

Has anyone with a PayPal Singapore account been reported under CRS? If so, do they report all payments received, or just the account balance?

Your question can't be answered accurately, because you are not mentioning what is your tax residency. Are you a tax resident of Singapore, or are you a foreigner?

Another important clue would be if you provided your personal TIN number to PayPal. But let me say some very general comments in your case. But first, let me highlight this is not a financial advise and you should find advise from experts.

PayPal Singapore is subject to the Common Reporting Standard (CRS) requirements. Singapore, as a participating jurisdiction in the CRS framework, requires financial institutions to report certain information about financial accounts held by non-residents to the Inland Revenue Authority of Singapore (IRAS), which may then exchange this information with tax authorities in other CRS-participating jurisdictions. Singapore is not an exemption of the CRS.

PayPal as a financial institution offering services like storing funds, processing payments, and enabling money transfers, falls under the definition of a ''Reporting Financial Institution'' under CRS in Singapore.
Account balances, payments, and financial transactions associated with accounts held by non-residents of Singapore are reported.
Identifiable information about account holders, including name, address, tax identification number (TIN), and residency status.
Reporting is relevant if you are a non-resident of Singapore using a PayPal account tied to Singapore. Residents of Singapore are generally not reported in CRS, but they could be reported in the local ta authority depending on what the local agreements are, unless they are tax residents in another CRS jurisdiction.
Certain low-risk accounts, such as some corporate accounts or small individual accounts, might be exempt from reporting under specific CRS thresholds.

Thank you for your reply.
I'm a foreigner, I am a resident of a country (a 3rd-world country) that signed the CRS in 2019, but they have not started exchanging information yet. They might begin doing so next year.

It is clear to me. You are a subject to the CRS and info will be exchanged, unless you fall at any of the exceptions.
Again, seek the advise of an expert.