Does Revolut report to Tax Authorities?
A question we receive a lot from our users is if Revolut reports to the local Tax Authorities information about the accounts.
So we went to search this information either in Revolut FAQs and their App Support, and this was what we found.
"Revolut, as a financial institution, is required by law to collect and report information on your tax residencies. This is regulated by international standards, specifically CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act)." - source: Revolut FAQ
"The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions." - from https://www.oecd.org/tax/automatic-exchange/common-reporting-standard/
This means that Revolut shares the information - as any other bank - with the Local Tax Authority.
"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". source: Revolut FAQ