The Common Reporting Standard is a multinational agreement signed by more than 80 nations, including all EU member states. The signatories promised to exchange bank account information on foreigners.
Paypal, a Luxembourg company, is expected to report millions of accounts to German, French, Spanish etc. tax auditors. This lecture will give an overview of the technical and legal aspects of the exchange. The Common Reporting Standard (CRS) and FATCA obligate banks to collect information from their customers and forward this information to the national tax authorities. The national tax authorities in turn forward this information to whatever country it is designated for. It is estimated that Paypal Luxembourg will report 60 million accounts in Europe. These reports will land on the desk of tax auditors which then will start asking questions to taxpayers. This talk will give an overview who is affected, what type of information will be exchanged, and what you can do about it.
Speakers: taxman