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How is this insane? It's just about keeping very clear logs of the transactions, right? I's not like in the US they don't know where my money transfers are comi
by reustle 11y ago
How is this insane? It's just about keeping very clear logs of the transactions, right? I's not like in the US they don't know where my money transfers are coming from.
- Bartweiss 11y agoI guess it's the thousand Euro minimum? CTRs in the US are min $10,000, but that doesn't seem like an overwhelming hurdle when the transaction is already being recorded somewhere. Most people auto-generate this stuff anyway.
- mattmanser 11y agoWhat business is it of a government what I spend money on?
- wodenokoto 11y agoIt's their tax business.
- tyingq 11y agoIt's unusual for a government to ask for recordings of individual transactions. Tax forms tend to ask for aggregate numbers on quarterly or yearly boundaries.
- superuser2 11y agoYes, but you are required to retain much more detailed records and produce them upon request.
- tyingq 11y agoIn unusual circumstances, like an audit perhaps. Many small businesses go their entire existence without sharing detail level transactions with the government. So, when it's proposed, it's unusual, and is worthy of concern.
- PeterisP 11y agoVAT administration tends to require transaction data. For sales tax based systems, total aggregate turnover is enough; but to monitor VAT you'd need at least the aggregate volume grouped by all your B2B (VAT paying) customers and suppliers.