Revolut CRS 2023
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Because it's an EMI and CRS doesn't apply to EMIs, yet.
This is what they say on their website How does tax work with my Wise Account? | Wise Help Centre
So when forced to report, they report, when they suspect something they might report. Normal︋ accounts fall under the EMI license which doesn't force them to report.
But they do︌ a lot of KYC, in my experience every year they asked for something different. And,︍ like you can read on the forum, they often close accounts if you can't provide︎ proof of funds or they don't like what you do or you violate their terms️ of service ( Wise deactivated my business account )
This is what they say on their website How does tax work with my Wise Account? | Wise Help Centre
So when forced to report, they report, when they suspect something they might report. Normal︋ accounts fall under the EMI license which doesn't force them to report.
But they do︌ a lot of KYC, in my experience every year they asked for something different. And,︍ like you can read on the forum, they often close accounts if you can't provide︎ proof of funds or they don't like what you do or you violate their terms️ of service ( Wise deactivated my business account )
I was asking their support what they report in crs. They said only the balance and tax id /name etc. But, when i asked them do they report all the income they replied SUPER unclear:
- if the concerned govt agency/inst contacts with the legal order to share the information about specific individual.
and the rest of discussion they just pointed out the aforementioned statement.
when I asked do you report it annually they say
- 'you are correct' or till we get contRacted by the govt agency.
When I asked was that reported before it became a Revolut bank (from revlut payments uab)?
- Nothing has changed for your account, (i.e. what I understood - we reported before as︀ well)
When I asked how will you report my income if I deposited my money︁ before you became a Bank?
- Nothing has changed for your account. (the same yes)︂
now I see in my statement that before merge I had one account, after merge︃ another account. That means that i will have two incomes, 🙂 i.e. I deposited 3000 eur︄ to account A, then it was moved to account B, so in total i will︅ be reported as 3000+3000 euros. That is perfect!
Also, there was one person, that person︆ shared their CRS report from N24 bank to their tax office in Belgium, so it︇ states end year balance only and the INTEREST. (if any). no any other income numbers.︈
And that was the only proof I have ever seen. Also, revolut states that they︉ report end-year balance only.
And a super interesting question what is the top line when︊ income you may receive to your account can become a question from concerned authorities? is︋ it 1k or 10k or 100k?
I just wonder if it makes a sense in︌ general to report income. it can be so that you transfer funds from one your︍ account to another your account and then back - so just moving one K a︎ day between your own accounts will generate a report of 365k x 2 income. that️ makes no sense.
If you go deep into the details of OECD specification it says that for depository accounts they report interest rate only. (besides end year balance)
- if the concerned govt agency/inst contacts with the legal order to share the information about specific individual.
and the rest of discussion they just pointed out the aforementioned statement.
when I asked do you report it annually they say
- 'you are correct' or till we get contRacted by the govt agency.
When I asked was that reported before it became a Revolut bank (from revlut payments uab)?
- Nothing has changed for your account, (i.e. what I understood - we reported before as︀ well)
When I asked how will you report my income if I deposited my money︁ before you became a Bank?
- Nothing has changed for your account. (the same yes)︂
now I see in my statement that before merge I had one account, after merge︃ another account. That means that i will have two incomes, 🙂 i.e. I deposited 3000 eur︄ to account A, then it was moved to account B, so in total i will︅ be reported as 3000+3000 euros. That is perfect!
Also, there was one person, that person︆ shared their CRS report from N24 bank to their tax office in Belgium, so it︇ states end year balance only and the INTEREST. (if any). no any other income numbers.︈
And that was the only proof I have ever seen. Also, revolut states that they︉ report end-year balance only.
And a super interesting question what is the top line when︊ income you may receive to your account can become a question from concerned authorities? is︋ it 1k or 10k or 100k?
I just wonder if it makes a sense in︌ general to report income. it can be so that you transfer funds from one your︍ account to another your account and then back - so just moving one K a︎ day between your own accounts will generate a report of 365k x 2 income. that️ makes no sense.
If you go deep into the details of OECD specification it says that for depository accounts they report interest rate only. (besides end year balance)
Interesting. you can use this revolut on your own just because it is convenient tool. really it is so. And making transfers from your own bank you receive the officially taxed wages to and so on. Your turnover can be thousands or even more, if you for example use it on daily basis or buy air-tickets, rent booking and so on.. So will the taxman always be︀ triggered for that? Revolut has nowadays 25 millions of users and the majority of them︁ are not lithuanians. I can imagine the amount of work to trigger for each 50︂ euros income to their accounts.. just wonder.
no. revolut gives a CRS XML file to Lithuanian goverment. Lithuia︁ will send it to all countries. Countries like Romania will just send paper, even for︂ 10$, asking for "bank statements" hoping they can get you for what you did in︃ 2018 for example, or 2015.... so they can just tax the sxxx out of you.︄
This is what I don't like about Romania. let's say you took a job in︅ Uk,and you took 3000$ to install a floor , but only 1000$ is yours, as︆ you paid 2000$ for materials. you also get some expenses (gas, car , repair) they︇ will come 8 years later and take the whole 3000$ from you. they will tax︈ you the 3000$, that will be 3000$ or a little more, because they will also︉ ask the inflation and penalization ,etc.
they will then not accept the 2000$ bill you︊ had to buy the materials, and so on.
Romania is good only to play by︋ the rules, for the 1% micro companies. If you cheat on that 1%, the tax︌ is not 1% but 16% + inflation + penalization , so you will pay everything.︍
people complain about Romanian IRS a lot. for example, they came back 8 years for︎ a lady who fixed the shop she rented. IRS told her that they can not️ deduct those things, because she doesn't own the location, and the owner should repair the shop. her business was over 1 500 000euro in revenue so she was taxed at 16%. they bankrupt her with a smile on their face.
This is what I don't like about Romania. let's say you took a job in︅ Uk,and you took 3000$ to install a floor , but only 1000$ is yours, as︆ you paid 2000$ for materials. you also get some expenses (gas, car , repair) they︇ will come 8 years later and take the whole 3000$ from you. they will tax︈ you the 3000$, that will be 3000$ or a little more, because they will also︉ ask the inflation and penalization ,etc.
they will then not accept the 2000$ bill you︊ had to buy the materials, and so on.
Romania is good only to play by︋ the rules, for the 1% micro companies. If you cheat on that 1%, the tax︌ is not 1% but 16% + inflation + penalization , so you will pay everything.︍
people complain about Romanian IRS a lot. for example, they came back 8 years for︎ a lady who fixed the shop she rented. IRS told her that they can not️ deduct those things, because she doesn't own the location, and the owner should repair the shop. her business was over 1 500 000euro in revenue so she was taxed at 16%. they bankrupt her with a smile on their face.
They did send info to my tax agency. But I made tranfers to and from the account and used it for stuff like rent.
I transfered big amounts (up to 100k) between accounts and they didn't report. But seems like CRS should only report how much money is on the account in the end of the year, possible profits/interest and personal information. May I ask which country you live in?
At the time The Netherlands. This was the first time the account showed up when I filed my tax returns. Also everytime I transfer 2K+ in I get a pop-up that tells me to update my tax info. Lastly, the account did not have a tax residency set, just my passport. This was possible︀ because it was created during the first months Revolut became available in The Netherlands.
I have a active Revolut account and i give not the TaX ID
Until now my account is not restricted ? How long ? Experiences ? And if so, what restrictions ?
Until now my account is not restricted ? How long ? Experiences ? And if so, what restrictions ?
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