Revolut CRS 2024: Aggressiveness & Info Shared?

pixbix said:

So nobody knows for sure what exactly Revolut reports....

like no speculations... but exactly..exactly

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I asked Revolut support about this directly the other day - is there any info of my accounts they share?
The response was vague, but I did expect that, as these kind of questions are not for regular users. Essentially, they told me they don't report anything and any tax requirements I have in my country are my responsibility.

HOWEVER, this is the info on their site:

"Will Revolut share my tax information with anyone? Revolut has an obligation by law to report the year-end account balances to local tax authorities in Lithuania annually or provide information on their request. Revolut does not share your information on an automated basis or directly with tax authorities of other countries, it is the Lithuanian tax authority that’s responsible for collecting and sending this to other local authorities under the Standard for Automatic Exchange of Financial Account Information, developed by the OECD, which represents the international consensus on automatic exchange of financial account information for tax purposes, on a reciprocal basis."

So, even though customer support was correct to say REVOLUT does not share any info of my account with MY government, they are obligated to share it with THEIR government (Lithuania), and THEIR government (HAS TO?) share that info with MY government under CRS.

So basically, yes, your account info is shared, but there are many moving parts here I don't think anyone but insiders would know. How often is info shared? In what format? How much manpower are looking into this? How well is actually CRS followed in practice, etc...
I have also seen different approaches to CRS. Some report all the ins and outs of accounts, which would amount to a serious burden of information to be shared and controlled. Others report year-end balances (like Revolut), which is cool, but beats the purpose of the surveillance, since you can just make your net balance 0 before the reporting date, and have moved millions prior. The third option I've seen is companies using a 30-day moving average of inflows and outflows to report.

This is the most "exact" answer I can give you. Hopefully, others can shine light to this as well.

Coconut said:

How often is info shared? In what format? How much manpower are looking into this? How well is actually CRS followed in practice,

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How often? Once a year
In what format? Believe it or not but the data is shared in XML format
I'm quite sure they share end of year balances but also average. So yes if you keep 1M€ and remove it on Dec 30 it is showing you have an end balance of 0 and an average of 997,260€

If you read Wise TOS, for example, they say they report also big transactions (no idea what "big" means to them).

bibing said:

How often? Once a year
In what format? Believe it or not but the data is shared in XML format
I'm quite sure they share end of year balances but also average. So yes if you keep 1M€ and remove it on Dec 30 it is showing you have an end balance of 0 and an average of 997,260€

If you read Wise TOS, for example, they say they report also big transactions (no idea what "big" means to them).

Click to expand...

pixbix said:

So nobody knows for sure what exactly Revolut reports....

like no speculations... but exactly..exactly

Click to expand...

It's all based on the official standards... in some rare instances, it also depends on where the financial institution is based (in some aspects, practical implementation of CRS can be different across jurisdictions).

https://www.oecd.org/tax/automatic-...schema-user-guide-for-tax-administrations.htm
https://www.oecd.org/ctp/exchange-o...ancial-account-information-in-tax-matters.htm
https://www.oecd.org/tax/automatic-...-reporting-standard-and-related-commentaries/