PayPal Singapore CRS

[rech]

Hi,

I have a PayPal account registered under "PayPal Pte. Ltd" in the Singapore region.
It received around $11k gross this year as payouts from Fiverr and other platforms, but most of it was spent on various expenses.
I'm aware that PayPal has explicitly mentioned they may report under the CRS in EU countries since they are a licensed bank in Luxembourg.

I am a resident of a country (a 3rd-world country) that signed the CRS in 2019, but they have not started exchanging information yet. They might begin doing so next year.

My questions are:

1/ Does PayPal Singapore report under CRS? If so, do they report all payments received, or just the account balance? Has anyone with an account in the Singapore region experienced their information being reported?
2/ In case they report, and my country starts exchanging information next year, should I be concerned about receiving $11k per year (in total payments)? Or is this amount considered too low to care?

Thank you very much in advance.

 

[sebastian]

They report the balance only, if your tax office pick your report they can request additional information from PayPal.

 

[JackAlabama]

rech said:
Hi,

I have a PayPal account registered under "PayPal Pte. Ltd" in the Singapore region.
It received around $11k gross this year as payouts from Fiverr and other platforms, but most of it was spent on various expenses.
I'm aware that PayPal has explicitly mentioned they may report under the CRS in EU countries since they are a licensed bank in Luxembourg.

I am a resident of a country (a 3rd-world country) that signed the CRS in 2019, but they have not started exchanging information yet. They might begin doing so next year.

My questions are:

1/ Does PayPal Singapore report under CRS? If so, do they report all payments received, or just the account balance? Has anyone with an account in the Singapore region experienced their information being reported?
2/ In case they report, and my country starts exchanging information next year, should I be concerned about receiving $11k per year (in total payments)? Or is this amount considered too low to care?

Thank you very much in advance.
Click to expand...

well depends on how things work in your 3d world country.
Id assume Singapore/paypal sg to diligently provide the crs info exactly as stated in public statements.

 

[daniels27]

JackAlabama said:
well depends on how things work in your 3d world country.
Id assume Singapore/paypal sg to diligently provide the crs info exactly as stated in public statements.
Click to expand...

If they only signed CRS now, they probably don't/can't care much. But that never means they are guaranteed not to investigate you tax evasion plan.

Also note they there are countries which actively don't care about income from abroad. Especially in South America.

 

[JackAlabama]

daniels27 said:
If they only signed CRS now, they probably don't/can't care much. But that never means they are guaranteed not to investigate you tax evasion plan.

Also note they there are countries which actively don't care about income from abroad. Especially in South America.
Click to expand...

yeah it depends really on the 3d world country.

 

[undercover]

You won't even think about it if you live in the EUSSR! Gestapo tax office comes and take you from your home and family.

 

[JackAlabama]

undercover said:
You won't even think about it if you live in the EUSSR! Gestapo tax office comes and take you from your home and family.
Click to expand...

well yeah the motto regarding the eudssr is pretty clear on this forum. All they can do is regulate and tax 😉