CSR reporting Mauritius bank account

[Yaneek]

According to wikipedia, Mauritius started CSR reporting in 2018.

Does that mean that in 2018 they reported for the year 2017? Or does it mean that only 2018 balances were reported?
Do they also report bank account owners with $0 balance?

 

[James Turner]

The Mauritius agreement to share in 2018 will likely mean that the information being reported is from the previous period. This may include 2017 or may only include the part of 2018 which precedes the date of actual reporting. Part of CRS reporting is 'Balance' and so you can expect $0 balances to also be shared.

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[Martin Everson]

It is not the end of the world if information gets shared with your home country. More important is you did not lie on any tax form in your home country.

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

 

[James Turner]

Martin Everson said:
It is not the end of the world if information gets shared with your home country. More important is you did not lie on any tax form in your home country.
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Absolutely @Martin Everson Things can always be done properly.

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[tomboy]

Yaneek said:
According to wikipedia, Mauritius started CSR reporting in 2018.

Does that mean that in 2018 they reported for the year 2017? Or does it mean that only 2018 balances were reported?
Do they also report bank account owners with $0 balance?
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Which bank are you using in Mauritius?

 

[daxbr]

Martin Everson said:
It is not the end of the world if information gets shared with your home country. More important is you did not lie on any tax form in your home country.
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Problem is they are reporting to wrong countries and waking up old dogs that have long been put to sleep, or put away altogether. Before it is asked, no I have not been forgetful or negligent.

 

[Martin Everson]

daxbr said:
Problem is they are reporting to wrong countries and waking up old dogs that have long been put to sleep, or put away altogether.
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That has happened to me already as I suspect part of a CRS exchange. I was actually negligent in not updating an account address. I simply cleared up the issue with the taxman without issue. If you genuinely have nothing to hide then you have nothing to fear.

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

 

[fshore]

Martin Everson said:
That has happened to me already as I suspect part of a CRS exchange. I was actually negligent in not updating an account address. I simply cleared up the issue with the taxman without issue. If you genuinely have nothing to hide then you have nothing to fear.
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Do you mean that that country's tax authority contact you about this account that was reported to them? What year was that, how long did it take them to contact you? Was it an automatic generated letter?

 

[Martin Everson]

fshore said:
Do you mean that that country's tax authority contact you about this account that was reported to them? What year was that, how long did it take them to contact you? Was it an automatic generated letter?
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One of them was UK and it was sent to an old address in UK but I had it forwarded to my Caribbean island by old landlord. I was a resident non-dom so just misunderstanding but the bureaucrats still require you to fill en empty tax return as time window for claiming verbally you were non-residence to HMRC hotline (and hence no need to complete tax return) had expired. The letter seemed cookie cutter and not personal but had enough info for me to work out source of info. It had been forwarded before already - having been sent to country X where I held the bank account. It could easily have been lost in the mail and I would have been none the wiser about it all. However I cannot 100% prove it is CRS or HMRC had a crystal ball but I can think which is more likely.

Would be good to know if anyone has had experience. I heard some tax offices just send out audit letters and wait for you to lie.

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

 

[Gueco]

I would like to send a personal message to Martin, how can I do this. Maybe I need his consulting services.

 

[Gueco]

Martin Everson said:
One of them was UK and it was sent to an old address in UK but I had it forwarded to my Caribbean island by old landlord. I was a resident non-dom so just misunderstanding but the bureaucrats still require you to fill en empty tax return as time window for claiming verbally you were non-residence to HMRC hotline (and hence no need to complete tax return) had expired. The letter seemed cookie cutter and not personal but had enough info for me to work out source of info. It had been forwarded before already - having been sent to country X where I held the bank account. It could easily have been lost in the mail and I would have been none the wiser about it all. However I cannot 100% prove it is CRS or HMRC had a crystal ball but I can think which is more likely.

Would be good to know if anyone has had experience. I heard some tax offices just send out audit letters and wait for you to lie.
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Hi Martin,

Could you please pm me?
I dont think I can pm you.

thanks

 

[Martin Everson]

Gueco said:
Hi Martin,

Could you please pm me?
I dont think I can pm you.

thanks
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btw I'm not selling any services but I will PM you as long as your question does not take too much of my time conf/(%

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