I would like to know if Revolut (in its’ actual state) participates in the OECD’s Automatic Exchange of Information? Read that similar E-money platforms like Skrill don’t and I would like to know about Revolut if someone knows.
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Hi,
No they don’t since CRS common report standard are just concerning Banks and not E-money institution. E-money accounts, unlike bank accounts, are not considered to be depository accounts under CRS and don’t have to be reported as such. After Revolut will have their Banking license YES, then they are obliged to do that.
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I’m also interested about this, because i used another e-money platform and they send a year ago a notification telling me that they started to participate at automatic exchange of information and will report all of info at every end of the year.
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Revolut is a registered participant of the Automatic Exchange of Information (AEOI), a tax standard that governs how tax authorities of participating countries exchange information with one another. We actively pursue a strategy that focuses on tax compliance and supports the AEOI - we are in favor of the AEOI as a global standard and we will get in touch with you if your relationship with Revolut is relevant under the AEOI.
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What kind of information and when does Revolut share them with tax authorities I have heard that at the end of every year is shared the balance of your accounts. Is this correct ?
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Would also like to know what and when Revolut shares information with tax authorities and with tax authorities from which country information is shared. I am citizen from country A but live in country B which is also where I pay my taxes. For country B I have a business account but in the process of opening the account I was never asked to give any information about my registration with the tax authorities… So I am wondering.
Does this mean that I am only asked for my tax number when necessary? I am wondering as N26 asked my tax number during registration and they have a page What does N26 do with my tax information? while I have no idea if Revolut is sharing details with the Finnish tax administration (and I think Finnish banks are automatically sharing information).
I am especially wondering if I am accidentally participating in tax evasion by having account with Revolut for not being asked a tax number or was it automatically taken from my identity document? I am an individual user in all that I mentioned, not a business user/owner/anything and in Finland tax number is the same as identity code in IDs.
They don’t need your tax number. Your personal unique identification number should be enough.
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