Domestic banks obligations?

[Delta]

Hi,

anybody know, if domestic banks send reports like CRS banks every year about total transactions to tax authorities or its only based on banks investigation, decision, when first is contacted customer and if its not illegal, they let it be.

I ve heard its below around 5-15k in calendar year when banks dont report it at all to tax authorities, not tax autorities care.

I doubt but could be wrong, that domestic banks communicate between each other and somewhere is made a cumulative balance of customers from multiple entities and that data center would send it to tax authority.

Anybody know more pls how this work? Google is useless!!

Regards,
Delta.

 

[Martin Everson]

It depends on each countries rules over how they gather information from their local banks. There is no one size fits all rule for banks internationally.

Now I have said this I am sure this will be next phase of CRS cry&¤

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Delta]

Martin Everson said:
It depends on each countries rules over how they gather information from their local banks. There is no one size fits all rule for banks internationally.

Now I have said this I am sure this will be next phase of CRS cry&¤
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Is crs applied on clients with same residency as that bank?

 

[Forester]

Delta said:
Anybody know more pls how this work? Google is useless!!
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🙂 🙂 Google is really NOT the universal source of the information about any problem.
(It is even not the best internet search engine 🙂 )

Delta said:
Is crs applied on clients with same residency as that bank?
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No, it is not. CRS is a tool for AEOI that means Automatic Exchange of Information between countries.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Delta]

Forester said:
No, it is not. CRS is a tool for AEOI that means Automatic Exchange of Information between countries.
Click to expand...

In that case, I assume each domestic, local bank will have a threshold, which will ve to report cumulativelly.
But if report isnt triggered, do they find same person have multiple banks with diversified resources?
If resources will come from non-crs country? Will that be a red flag?
Are domestic, local banks connected?

 

[Forester]

Delta said:
In that case, I assume each domestic, local bank will have a threshold, which will ve to report cumulativelly.
But if report isnt triggered, do they find same person have multiple banks with diversified resources?
Are domestic, local banks connected?
Click to expand...

🙂 Re-read the post of @Martin Everson above. There is no universally valid answer, all your questions can be answered yes or no depending on the country. Unless you share what country you have in mind and unless there be someone here familiar with the rules of this country, you will learn nothing, unfortunately.

Delta said:
If resources will come from non-crs country? Will that be a red flag?
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Again, it is country-specific; however using just common sense I guess that the answer is clear YES.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...