Stripe to Transferwise and CRS

[GSKL723]

if i dont report income from stripe, will stripe automatically send this to my tax auth?

If i receive income in transferwise directly from a client, will wise report this income?


What is all reported with the CRS?

 

[Fraction]

Stripe does not fall under CRS

TransferWise is not reporting (as yet ...)

 

[GSKL723]

what is the difference between CRS and reporting?

 

[romalo]

I responded yesterday in another topic

Quote from Stripe support chat "tax" department about CRS.

"I can assure you 100% that Stripe does not report your account balance to the Ireland government any time of the year."


So this topic is really open and actual guys. Reasonable chance Stripe does NOT report.
With Stripe you can make your own invoices. They allow me to send invoices on Panama company Name, but the Stripe account is registered on Netherlands,( my other company).
I have all this approval black on white in an email from them....That they don't care.
Also I have paid out to random bank accounts. They don't care to where I pay out.
Account got 2 times checked and all was okay. I still think one day they will make drama, but they approved that it was allowed, so...

​

 

[GSKL723]

romalo said:
I responded yesterday in another topic

Quote from Stripe support chat "tax" department about CRS.

"I can assure you 100% that Stripe does not report your account balance to the Ireland government any time of the year."


So this topic is really open and actual guys. Reasonable chance Stripe does NOT report.
With Stripe you can make your own invoices. They allow me to send invoices on Panama company Name, but the Stripe account is registered on Netherlands,( my other company).
I have all this approval black on white in an email from them....That they don't care.
Also I have paid out to random bank accounts. They don't care to where I pay out.
Account got 2 times checked and all was okay. I still think one day they will make drama, but they approved that it was allowed, so...

​

Click to expand...

Where can I best pay out my stripe money, I have sole propiereship in Belgium. And Stripe only allows me to pay out the money to a bank with "BE" IBAN. So I can't pay out in my crypto.com "LT" IBAN account. Where else do you recommend?

 

[GSKL723]

trackerpre said:
Stripe does not fall under CRS

TransferWise is not reporting (as yet ...)
Click to expand...

what is the difference between CRS and reporting?

 

[Dandyline]

romalo said:
I responded yesterday in another topic

Quote from Stripe support chat "tax" department about CRS.

"I can assure you 100% that Stripe does not report your account balance to the Ireland government any time of the year."


So this topic is really open and actual guys. Reasonable chance Stripe does NOT report.
With Stripe you can make your own invoices. They allow me to send invoices on Panama company Name, but the Stripe account is registered on Netherlands,( my other company).
I have all this approval black on white in an email from them....That they don't care.
Also I have paid out to random bank accounts. They don't care to where I pay out.
Account got 2 times checked and all was okay. I still think one day they will make drama, but they approved that it was allowed, so...

​

Click to expand...

You mean you can pay invoices through Stripe?

 

[GSKL723]

trackerpre said:
Stripe does not fall under CRS

TransferWise is not reporting (as yet ...)
Click to expand...

That means I can receive money on stripe, then send it to Wise and then buy Crypto. And am I safe from any taxing?

 

[romalo]

I do the same. Correct. I receive on stripe or directly on Wise and then send to Panama real bank account.(they say they do CRS and report to the panama government, but the government does not (yet)forward the info further to your country)
But I do send official invoices from my panama company. So I'm clean and correct.

Although, my stripe account is registered with another EU company and collects money for the Panama company.(they don't care, I asked)

Be aware, wise now starts asking for documents when sending money to panama. 2 months ago not. Never had that before. But I found a hole in their system. Did a 170k transfer 3 days ago and they did not ask anything.

If people want to know how to avoid it pm me.

 

[Dandyline]

romalo said:
I do the same. Correct. I receive on stripe or directly on Wise and then send to Panama real bank account.(they say they do CRS and report to the panama government, but the government does not (yet)forward the info further to your country)
But I do send official invoices from my panama company. So I'm clean and correct.

Although, my stripe account is registered with another EU company and collects money for the Panama company.(they don't care, I asked)

Be aware, wise now starts asking for documents when sending money to panama. 2 months ago not. Never had that before. But I found a hole in their system. Did a 170k transfer 3 days ago and they did not ask anything.

If people want to know how to avoid it pm me.
Click to expand...

And how do you avoid bookkeeping and tax for the NL company that your Stripe and Wise account is registered on?

 

[romalo]

Hi sorry for the late reply. Stripe does not REALLY invoice you. They deduct it from the payments. They absolutely do not report to any instance. I even checked this with their support and also have it in email from them form the correct department. The only thing they care about if you are from Ireland, because then they have to charge you VAT.

The invoices sent bij stripe clearly name the panama company. With address etc. There is zero trace of the Dutch company or unclearity for our customer.

 

[Dandyline]

romalo said:
Hi sorry for the late reply. Stripe does not REALLY invoice you. They deduct it from the payments. They absolutely do not report to any instance. I even checked this with their support and also have it in email from them form the correct department. The only thing they care about if you are from Ireland, because then they have to charge you VAT.

The invoices sent bij stripe clearly name the panama company. With address etc. There is zero trace of the Dutch company or unclearity for our customer.
Click to expand...

You mean the Stripe account is registered on the Dutch company but the Stripe payouts goes to the Panama company?

 

[romalo]

They pay out to every random IBAN Euro account. Many IMF's offer these accounts for free.

 

[Dandyline]

romalo said:
They pay out to every random IBAN Euro account. Many IMF's offer these accounts for free.
Click to expand...

No, the account normally needs to be registered on the company that is registered with Stripe. Thats why im asking if your Stripe account is registered on your Dutch company and the payment somehow goes to your Panama company?

 

[JohnLocke]

romalo said:
Although, my stripe account is registered with another EU company and collects money for the Panama company.(they don't care, I asked)
Click to expand...

but you can't rest assured that they won't report your accounts. I see PayPal also don't report anything, but you never know.

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[romalo]

Dandyline said:
No, the account normally needs to be registered on the company that is registered with Stripe. Thats why im asking if your Stripe account is registered on your Dutch company and the payment somehow goes to your Panama company?
Click to expand...

Yes did loads of test. Sending to my private account, sending to company account with different name. All works. Somewhere in the tons of rules it explained about Ltd sole propetario etc that can you send money to affiliates.

James Spader said:
but you can't rest assured that they won't report your accounts. I see PayPal also don't report anything, but you never know.
Click to expand...

Yes only when they change the rules they will report. For now its simply impossible they report(see my posts) That's a risk that I'm willing to take.

They will suffer huge profit losses and get huge extra costs starting with CRS. As long as they are no bank they are not obligated and they have no reason to do it.

romalo said:
Yes did loads of test. Sending to my private account, sending to company account with different name. All works. Somewhere in the tons of rules it explained about Ltd sole propetario etc that can you send money to affiliates.


Yes only when they change the rules they will report. For now its simply impossible they report(see my posts) That's a risk that I'm willing to take.

They will suffer huge profit losses and get huge extra costs starting with CRS. As long as they are no bank they are not obligated and they have no reason to do it.
Click to expand...

By the way. If they will start reporting they change the rules, I imagine they cannot do that without informing the customer. Just like with Revolut, they ask for your permission. (When my account Went from IMF to a real bank account.)

Last edited: May 10, 2022