A popular bank will transmit the data to the authorities. You can anticipate a taxation check

In fresh days, Revolut users have been informed that Aion Bank, with whom Revolut cooperates, will supply the details of its customers to the Belgian national Finance Service (FPS Finance). This means that information on investments established through the Revolut application will besides be available to Polish taxation offices.

Reasons for data transmission

Information on the transmission of data results from regulations developed by the Organisation for economical Cooperation and improvement (OECD) and its associate States, including Belgium. The Common Standard for Exchange of Information (CRS) aims to increase financial transparency through the automatic exchange of taxation data between countries. Aion Bank, which operates under Belgian license, is obliged to apply these provisions. In practice, this means that data on your accounts in Revolut will besides be available to taxation offices in Poland.

What data will be transmitted?

The data to be provided to the Belgian fiscal authority by Aion Bank will include information on interest-bearing client investments for taxation year 2023. The information provided will include, inter alia:

• Address of residence
• Nationality
• Tax recognition Number (NIP)
• Tax residence
• Place and date of birth
• IBAN Number

Consequences for Polish Clients

For Polish customers Revolut, the transfer of this data may mean the request to settle the alleged Belka taxation on interest from investments. Unlike the Polish banks that automatically deduct this tax, in the case of investments in abroad banks, the work to retreat it lies with the customer. This means that persons who have not included these interest in their taxation statements may be forced to adjust their declarations for the year 2023 to avoid problems with the Polish taxation office.

How to Download Extracts from Revolut?

Revolut recommends its customers to collect extracts for the year 2023, which are essential for a appropriate taxation settlement. These extracts can be downloaded straight from the Revolut application. To do this, you must:

1. Enter the Revolut app.
2. Select an account with a place.
3. Click on the link “more”.
4. Select the option "extract".
5. Change the period for the taxation year and indicate 2023.

What's next?

Polish Revolut customers should be prepared for possible explanations with the taxation office if data on their investments are forwarded to the Belgian authorities. It is worth carefully examining your taxation returns for the year 2023 and make certain that all income from abroad investments has been decently taken into account. Otherwise there may be problems with misaccounting.

The introduction by Aion Bank of the work to transmit client data to taxation authorities is an crucial change that can affect many Revolut users in Poland. expanding financial transparency and automatic exchange of taxation information between countries aims to reduce taxation fraud, but at the same time requires customers to pay more attention and accuracy in taxation settlements. Therefore, it is worth keeping up with the fresh regulations and prepare for them decently to avoid problems with taxation offices.