Revolut CRS 2024: Aggressiveness & Info Shared?
- Thread starter pixbix
- Start date
- Status
I asked Revolut support about this directly the other day - is there any info of my accounts they share?
The response was vague, but I did expect that, as these kind of questions are not for regular users. Essentially, they told me they don't report anything and any tax requirements I have in my country are my responsibility.
HOWEVER, this is the info on their site:
"Will Revolut share my tax information with anyone? Revolut has an obligation by law to report the year-end account︀ balances to local tax authorities in Lithuania annually or provide information on their request. Revolut︁ does not share your information on an automated basis or directly with tax authorities of︂ other countries, it is the Lithuanian tax authority that’s responsible for collecting and sending this︃ to other local authorities under the Standard for Automatic Exchange of Financial Account Information, developed︄ by the OECD, which represents the international consensus on automatic exchange of financial account information︅ for tax purposes, on a reciprocal basis."
So, even though customer support was correct to︆ say REVOLUT does not share any info of my account with MY government, they are︇ obligated to share it with THEIR government (Lithuania), and THEIR government (HAS TO?) share that︈ info with MY government under CRS.
So basically, yes, your account info is shared, but︉ there are many moving parts here I don't think anyone but insiders would know. How︊ often is info shared? In what format? How much manpower are looking into this? How︋ well is actually CRS followed in practice, etc...
I have also seen different approaches to︌ CRS. Some report all the ins and outs of accounts, which would amount to a︍ serious burden of information to be shared and controlled. Others report year-end balances (like Revolut),︎ which is cool, but beats the purpose of the surveillance, since you can just make️ your net balance 0 before the reporting date, and have moved millions prior. The third option I've seen is companies using a 30-day moving average of inflows and outflows to report.
This is the most "exact" answer I can give you. Hopefully, others can shine light to this as well.
The response was vague, but I did expect that, as these kind of questions are not for regular users. Essentially, they told me they don't report anything and any tax requirements I have in my country are my responsibility.
HOWEVER, this is the info on their site:
"Will Revolut share my tax information with anyone? Revolut has an obligation by law to report the year-end account︀ balances to local tax authorities in Lithuania annually or provide information on their request. Revolut︁ does not share your information on an automated basis or directly with tax authorities of︂ other countries, it is the Lithuanian tax authority that’s responsible for collecting and sending this︃ to other local authorities under the Standard for Automatic Exchange of Financial Account Information, developed︄ by the OECD, which represents the international consensus on automatic exchange of financial account information︅ for tax purposes, on a reciprocal basis."
So, even though customer support was correct to︆ say REVOLUT does not share any info of my account with MY government, they are︇ obligated to share it with THEIR government (Lithuania), and THEIR government (HAS TO?) share that︈ info with MY government under CRS.
So basically, yes, your account info is shared, but︉ there are many moving parts here I don't think anyone but insiders would know. How︊ often is info shared? In what format? How much manpower are looking into this? How︋ well is actually CRS followed in practice, etc...
I have also seen different approaches to︌ CRS. Some report all the ins and outs of accounts, which would amount to a︍ serious burden of information to be shared and controlled. Others report year-end balances (like Revolut),︎ which is cool, but beats the purpose of the surveillance, since you can just make️ your net balance 0 before the reporting date, and have moved millions prior. The third option I've seen is companies using a 30-day moving average of inflows and outflows to report.
This is the most "exact" answer I can give you. Hopefully, others can shine light to this as well.
How often? Once a year
In what format? Believe it or not but the data is shared in XML format
I'm quite sure they share end of year balances but also average. So yes if you keep 1M€ and remove it on Dec 30 it is showing you have an end balance of 0 and an average of 997,260€
If you read Wise TOS, for example, they say they report also big transactions (no idea what "big"︀ means to them).
In what format? Believe it or not but the data is shared in XML format
I'm quite sure they share end of year balances but also average. So yes if you keep 1M€ and remove it on Dec 30 it is showing you have an end balance of 0 and an average of 997,260€
If you read Wise TOS, for example, they say they report also big transactions (no idea what "big"︀ means to them).
It's all based on the official standards... in some rare instances, it also depends on where︀ the financial institution is based (in some aspects, practical implementation of CRS can be different︁ across jurisdictions).
https://www.oecd.org/tax/automatic-...schema-user-guide-for-tax-administrations.htm
https://www.oecd.org/ctp/exchange-o...ancial-account-information-in-tax-matters.htm
https://www.oecd.org/tax/automatic-...-reporting-standard-and-related-commentaries/
https://www.oecd.org/tax/automatic-...schema-user-guide-for-tax-administrations.htm
https://www.oecd.org/ctp/exchange-o...ancial-account-information-in-tax-matters.htm
https://www.oecd.org/tax/automatic-...-reporting-standard-and-related-commentaries/
There's probably no one who would post their tax form here - that said, I can tell you that they report that you have an account with them with X EUR in it - whether it's zero or 1 million doesn't matter. What happens then is that the tax authorities inquire further about your account if they find it interesting, and then they︀ get all the transactions from your account.
Very simple and elegant.
Very simple and elegant.
- Status