Does Revolut report end of year account balance or turnover according to CRS?

Educate

Entrepreneur
According to CRS does Revolut EMI report the annual turnover or just the person end of year balance to respective authorities?
 

xzars

Entrepreneur
Account turnover has nothing to do with CRS. Where do you get this information? Or are you blatantly refusing to read basic 1-2 A4 summaries of reportable data available on OECD website?

Reportable are your Personal Data, Your account balance, and Investment Income (incl. account interest earned and dividends).
 

juvejuve2020

New member
Account turnover has nothing to do with CRS. Where do you get this information? Or are you blatantly refusing to read basic 1-2 A4 summaries of reportable data available on OECD website?

Reportable are your Personal Data, Your account balance, and Investment Income (incl. account interest earned and dividends).
Hi xzars,

Has anything changed since your last answer? From what I read in some places (I tried to look for the directive you indicate, but I didn't find it) the amounts credited to that same account are also reported. Do you confirm?
I saw this:

"The information reported to tax authorities will have been provided in the self-certification form, and details about the accounts and products you have with us, including:
the balance or value
the total amounts of interest or payments credited"

I have some accounts at Revolut, Bunq, Monese and N26 (with a maximum value of 5k) and I wanted to see if it would help me to spend the money, and so they were reported with even lower values.
But I also believe that accounts with such low values (10k or less, I think they are low) will not jump at the sight of the authorities of my country, which even internally only values accounts with more than 50k.
Thanks
 

xzars

Entrepreneur
@juvejuve2020

Depends on how you read "payments credited", but it's either a mistake or deliberate loose wording to reserve room to maneuver (legal liability risks).

I've seen full data of my own reports, and this information is never featured.

The CRS is a standardized protocol with fixed data-value pairs. Banks can't make their own version of CRS as all data-value pairs are harmonized at the OECD level. Interest and dividend income, other investment income credited to your account, from the investment products you maintain with the bank who reports, IS part of your income under CRS rules. But received salary, received loan principal repayments, received payments from other accounts in your name, refunded hotel booking fees, received mom's birthday present... IS NOT. Any other approach would make the bank engage in guessing games.

With the bolded-out text, note that there's a difference if you receive investment income from companies where the reporting bank is not your investment custodian/broker. In that case, this data falls out of scope too. The reason is the same, if they don't manage your investments account, there's no way to conclude if the incoming funds constitute fresh income, taxed capital of prior years, or a mix of both. There are no grounds to report any of it as received income; reporting anything as income on assumptions, or payment descriptions alone would be malicious activity towards the customer.
 

xzars

Entrepreneur
If you want to avoid CRS by draining your account before the year-end, this won't work. As you can see, your relatively uninteresting low value accounts of <5K got reported anyhow.

Nevertheless, there can be some benefits to having the year-end balance as low as possible. If you have a few tax officials to go over a million CRS reports, some cost-benefit choices must be made.
 

speedster

Active Member
Year
If you want to avoid CRS by draining your account before the year-end, this won't work. As you can see, your relatively uninteresting low value accounts of <5K got reported anyhow.

Nevertheless, there can be some benefits to having the year-end balance as low as possible. If you have a few tax officials to go over a million CRS reports, some cost-benefit choices must be made.
Year end being 31 Dec, or does this work on another year end basis?
 

juvejuve2020

New member
@juvejuve2020

Depends on how you read "payments credited", but it's either a mistake or deliberate loose wording to reserve room to maneuver (legal liability risks).

I've seen full data of my own reports, and this information is never featured.

The CRS is a standardized protocol with fixed data-value pairs. Banks can't make their own version of CRS as all data-value pairs are harmonized at the OECD level. Interest and dividend income, other investment income credited to your account, from the investment products you maintain with the bank who reports, IS part of your income under CRS rules. But received salary, received loan principal repayments, received payments from other accounts in your name, refunded hotel booking fees, received mom's birthday present... IS NOT. Any other approach would make the bank engage in guessing games.

With the bolded-out text, note that there's a difference if you receive investment income from companies where the reporting bank is not your investment custodian/broker. In that case, this data falls out of scope too. The reason is the same, if they don't manage your investments account, there's no way to conclude if the incoming funds constitute fresh income, taxed capital of prior years, or a mix of both. There are no grounds to report any of it as received income; reporting anything as income on assumptions, or payment descriptions alone would be malicious activity towards the customer.
@xzars
thank you for your answer.
What happens is that I make some sales on the internet and these sales are paid through paypal (I never let a paypal account have more than € 1,500.00 so they never ask me for documentation), then I associate a bank account (the bunq is good because it lets you open 30 accounts with different iban), but I also associate accounts revolut (never asked for my TIN), monese (never asked for my TIN), n26 (never asked for my TIN).
I thought that this type of movement was part of the "credits" deposited in the account.
What I had thought of was to then use those deposited amounts until the end of the year, leaving a residual amount in the account so as not to raise a lot of suspicion.
Thanks again for your reply.
 

juvejuve2020

New member
@xzars

Or in your opinion would it even be better to spend money directly from paypal? They never ask me for documentation for accounts where I have less than € 1800.

Thanks
 

juvejuve2020

New member
@xzars

you said that: "I've seen full data of my own reports, and this information is never featured.", how did you achieve that feat? Is that possible to know? Thanks.
 
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