Banks & Goverment, do they know about all the payments?

[pixbix]

I know that if I have an bank account in Romania, all transactions, all money movents are sent to our "IRS". But what if the bank is in France, does it report all transactions to Romania? Or they only report the end-date year that can be zero. Somebody can leave a grate lifestyle in France, Poland, get 5000$ each month by selling his crypto/getting dividents, and have a zero balance on 1 JAN next year?

 

[bigdaddyleon]

get 5000$ each month by selling his crypto/getting dividents, and have a zero balance on 1 JAN next year?

overall transactions get reported

 

[pixbix]

On Revolut they say that only only "end year balance" are reported.

 

[uplana]

On Revolut they say that only only "end year balance" are reported.

That is true with Revolut, Mister Tango and more EU EMI's - however, once they have reported that the tax authorities strike and ask for account statements and much more.

 

[pixbix]

I can just empty the account before end of year. If it's under 10 EURO it will not be reported, or i can buy stocks in revolut app ?

 

[Forester]

On Revolut they say that only only "end year balance" are reported.

That is true with Revolut, Mister Tango and more EU EMI's - however, once they have reported that the tax authorities strike and ask for account statements and much more.

If you have an account with Revolut EMI (there are still some), the abovestated can be true (for a limited time).
If you have an account with Revolut Bank, they report, as any other bank, the balance at the end of year and all the year cumulative turnover (+ some more details). Get used to it .

 

[pixbix]

So I have in revolut 200 000$ since 2018 ... haven't paid taxes for different reasons, witch country should I move now, so they will care less, about me? I live in Romania, and if i stay here penality will be 30%/year, that's 150%... + i will have to pay "social security taxes" ...so i will end up paying double.

 

[TheCryptoAnt]

So I have in revolut 200 000$ since 2018 ... haven't paid taxes for different reasons, witch country should I move now, so they will care less, about me? I live in Romania, and if i stay here penality will be 30%/year, that's 150%... + i will have to pay "social security taxes" ...so i will end up paying double.

G you are in Romania, chill.

If you really feel you have to move, UAE, TH, MX, KH... a lot of places are turbo mismanaged and cannot control this.
Not that UAE is mismanaged tho.

 

[pixbix]

I can move but... the money will be reported in 2 months to romanian IRS, even if i move Revolut will tell them about them

 

[Forester]

even if i move Revolut will tell them about them

Well, that's the question. If you move to the country that Revolut supports – so they keep your account until the end of year – they will report at the end of year to your new home country. I do not know how it is exactly stated but I doubt that they will take care about your previous tax residence – but maybe someone more precisely oriented can correct me. (A general lesson: playing hide and seek with the taxman is not a funny game.)

 

[ivan1911]

On Revolut they say that only only "end year balance" are reported.

I know a person in real life that got a call from taxman when she received 5000€ from her uncle , they don't share the same last name..
She got the money and maybe a few weeks later she got the call and needed to present written statement from the uncle saying he gave her money and then she had to pay 4% gift tax. It was all legit as she really did get a gift from her uncle but the point of the story is that tax authority seen that transfer almost instantly as it happened during last summer.
If she didn't told me that herself i wouldn't believe it...

Not sure if this is one incident and she just had bad luck but there it is...

 

[Marie Manila]

I know a person in real life that got a call from taxman when she received 5000€ from her uncle , they don't share the same last name..
She got the money and maybe a few weeks later she got the call and needed to present written statement from the uncle saying he gave her money and then she had to pay 4% gift tax. It was all legit as she really did get a gift from her uncle but the point of the story is that tax authority seen that transfer almost instantly as it happened during last summer.
If she didn't told me that herself i wouldn't believe it...

Not sure if this is one incident and she just had bad luck but there it is...

Were the bank accounts maintained in the country of residence (and the country of the taxman)?

 

[ivan1911]

Were the bank accounts maintained in the country of residence (and the country of the taxman)?

She's from Croatia. She got euros from her uncle. Don't know other then that .

 

[pixbix]

Were the bank accounts maintained in the country of residence (and the country of the taxman)?

It happens in Europe a lot. Romanian people going to work in UK, receiving 3000 in a single month in a bank account, they come back home, an got asked by Romanian IRS about the money.

 

[Forester]

Romanian people going to work in UK, receiving 3000 in a single month in a bank account,

In a UK bank account or in a Romanian one?

 

[pixbix]

In a UK bank account or in a Romanian one?

He worked in UK and he got paid 3000 pounds in his bank account . Authorities from Romania knew about the bank account somehow, and asked him to send .pdf reports for past 5 years.

 

[Marie Manila]

He worked in UK and he got paid 3000 pounds in his bank account . Authorities from Romania knew about the bank account somehow, and asked him to send .pdf reports for past 5 years.

But this is a different story. They know about the account and the account balance through the data exchange in CRS.
However CRS does not include transaction history or account statements.

At the case above, the taxman could see the transactions on the account:

I know a person in real life that got a call from taxman when she received 5000€ from her uncle , they don't share the same last name..

 

[Forester]

At the case above, the taxman could see the transactions on the account:

I presume that this Croatian lady had the account in Croatia. In such a case, the abovementioned is pretty possible (and common in various countries nowadays).