Question about AEOI

[bpbbloaob1]

Hi, some of you probably know about the looming implementation of Automatic Exhcange of Information between european (and not only) countreis. According to the video provided below the shared information will only include account balance at the end of the year and the gross investment income and that's all.


Does this mean that the transactions will not be reported? And if by the end of the year I have zero balance on the account, even though I had non zero balance throughout the year, all the data provided will be account number, name etc. and the balance of ZERO EUR, USD or whatever the currency I use?

Anyone knows?

 

[JohnLocke]

Well, I know for sure now that if you hold stocks in country A and you live in country B (both European countries) then every profit you have made (also if all your stocks are sold) get reported to country B.

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[void]

What does 'the gross investment income" actually mean?

 

[bpbbloaob1]

Admin said:
Well, I know for sure now that if you hold stocks in country A and you live in country B (both European countries) then every profit you have made (also if all your stocks are sold) get reported to country B.
Click to expand...

So, if I don't make any income and just transfer money through bank, only my zero balance will be reported it seems

 

[void]

void said:
What does 'the gross investment income" actually mean?
Click to expand...

anybody can explain?
I understand it as income produced by the funds itself (like interests) but I'm not sure

 

[Dubsize]

Hey,
I think you're mistaking - they will report all activity in the account. Meaning : Incoming and outgoing wires.

 

[bpbbloaob1]

Dubsize said:
Hey,
I think you're mistaking - they will report all activity in the account. Meaning : Incoming and outgoing wires.
Click to expand...

This is what I found is reported:

1. Name, address, Tax Identification Number (TIN, or PPSN) and account number of each account holder that is a resident of Ireland,
2. Name and identifying number of the financial institution,
3. The gross amount of interest paid on a deposit account,
4. The gross amount of dividends paid or credited to the account,
5. The gross amount of income including interest or dividends paid into the account,
6. The gross proceeds from the sale or redemption of financial assets held on account,
7. The account balance or value at the reporting date, and
8. Where a reportable account has been closed during the period, the closure date of the account.
Click to expand...

It looks like it doesn't include in and out transactions.

 

[void]

4.-6. are still a bit unclear to me - every single transaction is not reported nowadays for sure - but do they share the turnover (I mean the sum of incoming funds)?