Quote:
Originally Posted by bgmen
Bullshit. This is only valid for bank accounts. Virtual wallets are not subject to this exchange.
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first of all
even if
for example Paypal is 100% virtual wallet and reports assets, account name, acc number
this is done even if you don't have credit card issued for your name by paypal
they will report to your tax authorities what you have there (read provided link from paypal! this is not bullshit!)
Paxum Payoner are even worse, because they issues paycards with my name
and every paycard have real account number and beneficiary owner.
when you move it to paycard you move it to you bank account created for you
remember, every paycard is connected to the real bank account
and you are beneficiary
thats why they must report you to your tax authority
tax residency is confirmed for example by utility bill, or ID card
which was required by paxum, or payoneer to verify these accounts
so... First choice bank where accounts for paxum are located is obliged by OECD and signed agreements to report data of account's foreigner beneficiary owner to his tax authority
they started collecting data in this year for acconts created in this year. first data exchange will be in 2018
old accounts will be reported later