Data exchanged via CRS (AEOI)?

[respect]

I would like to know if every financial institution that implements CRS, exchanges the same information, which is:

• your name;
• your address;
• your country (or countries) of (deemed) tax residence;
• your Tax Identification Number(s) issued by your country or countries of tax residence, and, where applicable, your U.S. Tax Identification Number (U.S. TIN);
• your place and date of birth;
• your account number (or substitute account number, identifying your funds held);
• your account balance or value as at 31 December of any year during which the account is held.

Specially I am interested to know if:

• your account turnover (in and out money throughout the year)

is something that is reported automatically or only account balance at the end of the year.

Thanks

 

[Samuel Newman]

as I know, it would be only account balance at the end of the year
however, if you are talking about corporate account
according to CRS - only accouts with 250 000 USD balance or more might be reported

 

[respect]

Samuel Newman said:
as I know, it would be only account balance at the end of the year
however, if you are talking about corporate account
according to CRS - only accouts with 250 000 USD balance or more might be reported
Click to expand...

What about personal accounts? Is there also a limit above which, it will be reported?
I thought that those limits were only applicable in FATCA, not in CRS.

 

[Samuel Newman]

respect said:
What about personal accounts? Is there also a limit above which, it will be reported?
I thought that those limits were only applicable in FATCA, not in CRS.
Click to expand...

it is from original text of CRS
it is not applicable for personal accounts
even empty personal accounts are reportable

 

[respect]

Ok, understood! Do you know, when is the reporting being made? I assume it's once a year, but no idea, when exactly.

 

[proples]

I am really looking forward to more information on that too. So if my company bank account has less than $250k I don't need to worry about it?

 

[Paul9898]

I was told this is done on a country by country basis. For example the Japanese tax authorities don't care about anything under $500,000 USD. So you should check with your home country tax people.

 

[rsa pgp]

proples said:
I am really looking forward to more information on that too. So if my company bank account has less than $250k I don't need to worry about it?
Click to expand...

No this is false! There is no threshold for a new entity account! The 250K threshold is only valid for pre-existing entity accounts, made before 31 december 2015. Everything made after that date is automatically reportable regardless of the account balance!

 

[7889]

Not turnover, but income is definitely reported (your tax man does not care how much money you spent, he cares how much you get). Specifically, reported information includes:
- the gross amount of interest paid on a deposit account
- the gross amount of dividends paid or credited to the account
- the gross amount of interest (including interest and dividends) paid into the account
- the gross amount made from the sale of an asset held in the account

 

[proples]

Paul9898 said:
I was told this is done on a country by country basis. For example the Japanese tax authorities don't care about anything under $500,000 USD. So you should check with your home country tax people.
Click to expand...

I think what makes sense is that the Japanese IRS might not bother about low amounts. That doesn't mean that they won't get the bank reports though.
I am pretty sure that is the case to any country. Most countries won't bother to check very low amounts. What is low will depend from country to country. But there are other things that might trigger red flags, depending on their policy. Undeclared funds in a foreign bank would be something worth investigating in many countries.

 

[Michael Arris]

They offer NO-CRS accounts for companies and for private persons, no tax details, no balance or income is shared with any tax authority, they have special kind of license that they dont need to make CRS reporting but they can only have limited number of non-reportable accounts like this

Last edited by a moderator: Sep 11, 2018

 

[Dubsize]

Michael Arris said:
They offer NO-CRS accounts for companies and for private persons, no tax details, no balance or income is shared with any tax authority, they have special kind of license that they dont need to make CRS reporting but they can only have limited number of non-reportable accounts like this
Click to expand...

That's pretty weird as they are regulated by the Czech National Bank and Czech Republic is AEOI compliant... Therefore, they must report. If they're not doing it they are risking sanctions and it makes it dangerous to keep money there... if anyone has another explanation...

 

[Paul9898]

Michael please give us a web link with further details on this.

Michael Arris said:
They offer NO-CRS accounts for companies and for private persons, no tax details, no balance or income is shared with any tax authority, they have special kind of license that they dont need to make CRS reporting but they can only have limited number of non-reportable accounts like this
Click to expand...

 

[jamesdean1]

Samuel Newman said:
as I know, it would be only account balance at the end of the year
however, if you are talking about corporate account
according to CRS - only accouts with 250 000 USD balance or more might be reported
Click to expand...

with leupay and any other online banking?