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FATCA and PayPal
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Hi
Having been bombarded with emails like the one below; I decided to investigate further. :?
It would seem that Fatca is the Foreign Account Tax Compliance Act which regulates tax concerning US citizens. However; Paypal send all your financial information to them in order to track down US citizens who are not complying with US tax laws.
This begs the question: Why send ALL financial info to the US tax office instead of just US personnel? I for one do not trust the US especially with my financial information so shall soon be removing Paypal from my site.
You will see there is a ‘click here’ for more about FATCA – when clicked you get taken to Paypal US website but having searched Paypal there is no info on FATCA nor is there any mention in PayPal ‘Privacy Policy’ :?: :shock:Any comments welcome…….. :)
We need to collect additional information about your business for compliance and regulatory reasons. Please provide this information before 10 May 2016. Submitting this information will only take a few minutes.
Why do we need this information?
The Foreign Account Tax Compliance Act (FATCA), a U.S. tax law, requires financial institutions like PayPal to collect additional information from customers when a new business account is opened. This information is required even if your business or your customers are not United States taxpayers or located in the United States. This information is collected for regulatory and compliance purposes. If you’d like to learn more about FATCA, click here.
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