I absolutely did︀ not at any point say CRS does not exist. I had a genuine question wanting︁ to hear from someone who was affected by CRS or at least knows someone who︂ was.
How to Avoid CRS - 3 Options as of 2019 - 2025
- Thread starter Tax Cow
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Yup, we're bound to have more of it in the future. Commie-style financial surveillance and tax collection is precisely why the thing was invented.
Since this stuff is new, tax officials around the world are still trying to figure out how to best put this data in use in a cost-efficient way. Right now, they are cute barking Labrador puppies, but once they figure this stuff out, they'll be more like a︀ gang of nasty yellow-teeth piss-smelling hyenas.
Since this stuff is new, tax officials around the world are still trying to figure out how to best put this data in use in a cost-efficient way. Right now, they are cute barking Labrador puppies, but once they figure this stuff out, they'll be more like a︀ gang of nasty yellow-teeth piss-smelling hyenas.
Not necessarily ... you see that would create additional work for the Government with it's associated costs ... current system forces banks and individuals to work for the government for free.
You guys are crazy. Okay I remember a post by @Martin Everson who mentioned 128 accounts or so, that's even more cray 😀
Depending on what business you are into and how huge it is, then 10 - 50 accounts is not unusually.
Depending on what business you are into and how huge it is, then 10 - 50 accounts is not unusually.
A friend of mine has been contacted by the tax office (in his EU country) to confirm the accounts and balances he holds in banks outside EU, based on the reports the tax office got. The balance isn't small, which is probably why it triggered some interest, also it hasn't been declared on tax returns. No further repercussions so far, but who knows what will happen next?
Your friend will have to pay tax from the balance of this account and if he is lucky he won't get penalized this time. There is a threshold of about 5000 or 20000︀ euro where such amounts won't get reported. Not 100% sure about the amounts but I︁ know it is not all that has to be reported.
One banker back in the day told me they are not interested in amounts under 250k EUR ... apparently if you have less than 250k they will not bother with you as you are considered to be a "small fish".
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