Emis tax information

[khaled22]

Hi

Regarding revolut /monese/ icard /bunq etc why some of them ask for tax id on registration and some dont?

regards

 

[Sols]

Some are complying with CRS and some are not. Those who are not will begin to eventually.

In some cases, you will be asked for TIN at a later point (or risk have your account closed).

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This is the probably the answer to your question.

 

[Martin Everson]

Well the two banks in the list like Revolut and Bunq have no choice but to comply with CRS and hence TIN information is required. The other two EMI's may or may not ask but a TIN would be prudent of them to obtain for future reporting needs.

P.S Depending on your residence and whether you accepted the conversion your account with Revolut maybe with Revolut Bank or Revolut EMI.

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

 

[khaled22]

Do they actually use this id on their own or they just have to collect it because of this rule and when asked from a specific country they comply and release information?

As for above companies i only have revolut and received the email of being transferred to revolut bank starting July 1st and was wondering why they kept asking to transfer to bank when they were going to force it anyway

 

[Martin Everson]

khaled22 said:
Do they actually use this id on their own or they just have to collect it because of this rule and when asked from a specific country they comply and release information?
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It is not mandatory for CRS to take place but its a nice to have value that is part of CRS data collection on clients.

khaled22 said:
As for above companies i only have revolut and received the email of being transferred to revolut bank starting July 1st and was wondering why they kept asking to transfer to bank when they were going to force it anyway
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Revolut handles the migration its own strange way 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.

 

[khaled22]

When revolut turns into a bank and add my tax id will information be shared automatically with other entities (european central bank etc) or will be shared upon request by resident's country?

 

[Martin Everson]

khaled22 said:
When revolut turns into a bank and add my tax id will information be shared automatically with other entities (european central bank etc) or will be shared upon request by resident's country?
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Will be shared automatically with your home countries tax office if your country is part of CRS.

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