Thank you very much ArsenG, I see you are in the trading team hope you are monitoring the Trading related topics here! I also asked today about some dividends that are pending since yesterday from JPM, no answer as they said the trading department is not working on weekends.
I just got an email to take part in Disneyās voting for the 2020 Annual Meeting in March 11. First time seeing such an email.
I donāt know if I can go there and take part as investor (Iām not planning to do it), but I can vote online to all of the proposals.
It would be so great if Revolut could provide all the required tax information for most of the countries it operates in.
Even better would be if taxes are paid automatically. Wouldnāt that at least be possible for the countries where Revolut has subsidiaries?
No broker in the world pays the taxes for you. Some will deduct witholding tax in origin due to certain regulations (i.e. 15% from US stock with W8BEN).
But we cannot reasonably expect Revolut to do our taxes for us. That is our responsibility.
In some countries brokers report income from capital return, dividends, ā¦ to the tax authorities automatically, and / or brokers provide customers a yearly tax report that makes filing your taxes very easy. As a UK entity, it makes sense that they donāt act like a local broker, but a quarterly / yearly portfolio statement could easily be designed to meet tax report needs in many of Revolutās markets. Every other broker, including ācheapā zero commission brokers, that I have experience with does a a better job here. Iām not complaining, but thereās definitely room for improvement. Especially in Revolutās case where all investments are in USD, itās somewhat complex to track currency rates for every transaction when investing in fragments with small transactions over time.
Actually, in Germany domestic financial institutions automatically transfer the tax to the tax office in many cases including stock portfolios & funds.
Many people with such accounts arenāt even required to do a tax declaration at all.
Dividends pay taxes only in one country. For me revolut charges me automatically with 30% like US citizen, but I have nothing to do with US. So, I donāt have to be taxed twice in my country which charges only 5% to 10% for dividends.