Common Reporting Standard / Revolut CRS

[kpeter440]

Hello,

I recently had some gambling income into my Revolut account, which I subsequently sent back to the gambling site and lost. In my home country, this income is taxable even if the money was lost. I understand that Revolut reports information through the Common Reporting Standard.
I've heard that only the end-of-year balance and stock-related activities are reported. Can anyone confirm if the actual movement of money, such as my gambling transactions, will also be reported?

Thanks

 

[clemens]

can confirm, you better report the account‍ to the tax office before the tax office will get your balance. Once they see⁠ it they will request documents from you and the game starts.

 

[kpeter440]

I saw some posts here where people⁠ said only year end balance gets reported and stock related stuff. So that's not true?⁤

https://www.offshorecorptalk.com/threads/n26-bank-crs.34794/post-185859
I mean like this post, only year end balance is stated in the report.⁣ What do you think about this? @clemens

 

[clemens]

It is true,‍ but your tax office won't stop there depending on the amount and how aggressive they⁠ are. They can request Revolut to send account statements for the period you have been⁤ using them, after that you will have to explain your self.

 

[kpeter440]

Thank you! I really appreciate that you helped me

 

[Xshore]

Only end of year balance is reportrd. If that is 0 or a low amount‌ and you have reportrd the account then it's not that likely that they will ask‍ for more information.

 

[JohnLocke]

I don't agree with you, the tax offices in some countries are aggressive and even‌ the employees there are not from elite schools and underpaid they are not stupid, they‍ also have AI and if they see an account which you didn't put on your⁠ tax filing they request information, ALOT of it.

Maybe if you live in some bana⁤ republic, in Russia or the Baltics they may don't care, but you better don't relay⁣ on that if you live in countries like Germany, Denmark, Sweden and so on.

 

[kpeter440]

In Hungary I believe you don’t have to put your Revolut︀ account in your tax filing, so I believe they wouldn’t go after a low end︁ year balance account. What do you think?

 

[Xshore]

We're talking about an account that the taxpayer reports himself on︀ the tax return. If not reported then the risk is higher.

Tax offices in those︁ countries will not ask for all transactions for every foreign account of their residents. They︂ don't even check most transactions for domestic accounts. Sure there's always a risk, but not︃ very big. It's quite common to have a foreign account these days, at least in︄ Europe.

 

[JohnLocke]

Man you don't know at all what the heck you are talking about!⁣ Misleading people to believe what you just wrote can have completely unforeseen consequences for those⁢ who read what you have written and believe it.

But we are, of course, masters︀ of our own will, and we must bear the consequences of our actions in this︁ life. And you are welcome to write what you think and your way of viewing︂ things, so I will leave it up to the reader to decide.

 

[EliasIT]

I agree with others BS - I‍ have been living in Denmark for years and got slaughtered by the tax office because⁠ they saw all the EMI's I owned even they didn't hold a balance. 4 years⁤ later I still in difficulties and left the countries a few years ago!

 

[JackAlabama]

what did they do to⁤ you?

 

[markymark]

In the UK you do not declare your list of bank accounts to the tax‌ dept. Never heard of this.

 

[EliasIT]

It is still bleeding​

 

[clemens]

OUCH doh948""

Was it that bad? serious what did they do with you ?

 

[European]

Correct.
There are multiple countries‍ in the EU where you do not have to declare your bank accounts to the⁠ tax office. But that does not mean much, as they will have that information anyway.⁤ What is CRS for otherwise?
Free circulation of capital within the EU gives you the⁣ right, at least theoretically, to open a bank account wherever you want in the EU⁢ (EU residents) so the regulation takes that into account. They will know of all your︀ bank accounts in the EU.

 

[Forester]

I am not familiar with Hungarian tax⁠ regulation; but the question is simple: Is it obligatory in Hungary to name all your⁤ bank accounts in the tax declaration? (In some countries it is so, in some countries⁣ not.) Re-check this.
If the answer is yes then as Revolut is a bank in⁢ the EU, you should list the account and I would not recommend to forget about︀ it. Because as of the CRS, Hungarian taxmen are, independently, well aware about the fact︁ that you have this account and its end of the year balance; in certain cases,︂ also a yearly turnover is reported.

It depends on many circumstances, related to the particular country and to the particular taxpayer (and︅ to the particular taxman who is processing the tax declaration as well). I would definitely︆ not rely on this.

 

[cuno]

you do that in many‍ countries at least the nordic countries if you want to avoid troubles.

 

[whatname]

This is legitimately insane lol, but then again,‍ in nordic countries if you even use cash they look at you weird (think you⁠ are a criminal smh).