Why do banks not report to every country of Earth (CRS)?

[blackeric]

Instead of guessing where a person is tax resident, where not, or may be it's a proxy residency... The work involved in reporting 1 client to 1 country is the same as to reporting him to 200 countries.

A click of a mouse: "Menu -> Report -> Send"

Why not?

 

[Sols]

We might get there one day. At least with some countries. But until then, there is still a semblance of personal privacy (GDPR) and hints of banking secrecy. For now, this would be going beyond the scope of enforcing tax laws and preventing money laundering. It just becomes frivolous data collection.

 

[Martin Everson]

The work involved in reporting 1 client to 1 country is the same as to reporting him to 200 countries.

A click of a mouse: "Menu -> Report -> Send"

Why not?

Don't you dare start giving them ideas .

Seriously banks don't report to other countries for CRS. The banks report to their local tax office which does the exchange cross border. However it won't be too long before OECD requests establishment of a global database of tax payers accessible by national governments who can then lay claim to any tax payer by mediation. What country would refuse to fight tax evasion in this way? It could mean extra tax revenue and we know governments are starved of tax revenues .

 

[nomad999]

The bank report only because they are forced to by law, if it was up to the bank they would have no prob accepting drug money or whatever, "money has no smell" like they say.
it is the countries who want this, and not all of them fortunately for us. The game of whack-a-moll is far from over imho, just wait till crypto gets a little bit bigger and better ....

 

[blackeric]

What country would refuse to fight tax evasion in this way? It could mean extra tax revenue and we know governments are starved of tax revenues

As if you you never heard of corruption. Those who govern countries would also be hurt. And therefore it's in their interest too to resist to create global database.

 

[blackeric]

if it was up to the bank they would have no prob accepting drug money

what's "no prob"? no probability? no probiotics? no probes?

 

[nomad999]

sorry meant to say "no problem"


this forum has a requirements on number of characters and words before you post, damn !

 

[Martin Everson]

Those who govern countries would also be hurt. And therefore it's in their interest too to resist to create global database.

I don't think so. Most governments are drowning under debt. They would pull the gold tooth out of your your mothers dead buried body and sell it if they could. Look at any European or developing country government with a sizeable population. The world is drowning in debt and need tax revenue.

 

[blackeric]

I don't think so. Most governments are drowning under debt. They would pull the gold tooth out of your your mothers dead buried body and sell it if they could. Look at any European or developing country government with a sizeable population. The world is drowning in debt and need tax revenue.

Maybe you don't understand.

* Why does a worker of McDonalds pay, say, $50 for speeding of fine? And the same amount would pay the CEO of Google.

* Why does a solo enterpreneur who earns $10k per month has to pay 10-20% of tax? Whereas multibillion corporations pay 0% or nearly 0.


If the governments are in debt, why not oblige such CEOs pay 1000x times of a fine?

and multibillion corporations 50% of tax?

Because this won't serve billioners and those who have power.

 

[Martin Everson]

* Why does a worker of McDonalds pay, say, $50 for speeding of fine? And the same amount would pay the CEO of Google.

What on earth are you on about here?

* Why does a solo enterpreneur who earns $10k per month has to pay 10-20% of tax? Whereas multibillion corporations pay 0% or nearly 0.

Again nonsense. Many entrepreneurs like myself and others who moved to Dubai, Cayman Islands etc to launch their businesses don't have to pay taxes legally. No one is forced to pay 10-20% taxes if they choose to move from that tax regime so whats your point?

If the governments are in debt, why not oblige such CEOs pay 1000x times of a fine?

and multibillion corporations 50% of tax?

What on earth are you on about here...lol? Do you even understand basic economics or have commonsense?

btw some countries like Switzerland in fact do tie speeding fines to income. lol.

Because this won't serve billioners and those who have power.

You have lost the plot my friend. How did you go from the below point to the above absurd points . Take a deep breath and pause for thought about what you are posting.

Those who govern countries would also be hurt. And therefore it's in their interest too to resist to create global database.

 

[Clip]

What on earth are you on about here...lol? Do you even understand basic economics or have commonsense?

btw some countries like Switzerland in fact do tie speeding fines to income. lol.

How Switzerland could known the wealth of that Swede ?

 

[Sols]

How Switzerland could known the wealth of that Swede ?

In that particular example, they can just look it up since tax returns are public information in Sweden. Anyone can look up anyone's tax return.

 

[Clip]

In that particular example, they can just look it up since tax returns are public information in Sweden. Anyone can look up anyone's tax return.

Terrifying

 

[Martin Everson]

How Switzerland could known the wealth of that Swede ?

As happened to me when in Switzerland when I got flashed. Over a certain threshold the speeding offence goes to court but you don't need to attend always - I didn't. On the documents they send in post you need to specify your profession. The court then decides on how much you can afford to pay as a fine. He was obviously very stupid to tell the full truth and nothing but the truth...lol. Should have said he was a cleaner like every other Swiss does.

P.S Jeff Bezos better stay well away from speeding in Switzerland it won't work out well for him if he did .

 

[blackeric]

Martin Everson

lol

You said "governments will introduce the global tax database *to increase their budgets* soon

I replied "No. To address the problem of debts of governments there're other ways that are easier to implement. Why haven't they been implemented yet?"

Answer: Because they'd hurt those who have too much money too. Therefore the global tax database may not be implemented either.

P.S. kol

P.S.S. tol tol

 

[Clip]

P.S Jeff Bezos better stay well away from speeding in Switzerland it won't work out well for him if he did .

Not worse than this

https://twitter.com/x/status/1205548792612818945

 

[daxbr]

Don't you dare start giving them ideas .

Seriously banks don't report to other countries for CRS. The banks report to their local tax office which does the exchange cross border. However it won't be too long before OECD requests establishment of a global database of tax payers accessible by national governments who can then lay claim to any tax payer by mediation. What country would refuse to fight tax evasion in this way? It could mean extra tax revenue and we know governments are starved of tax revenues .

I does not really matter if they report to every country or not at this time. The only prudent course of action is to act as if they do already. Chances are if info is reported to a centralized database, 3letter agencies in major countries have copies of it.

But you say: obtained illegally/ cant use it against me . Once they know, they find a way to get it legally, again.