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Revolut has become incredibly popular over the past few years, as people use the app to send money to friends and family, pay bills, and more.
It can save a lot of hassle, but many people are wary of the service and worry about potential privacy and security issues.
Comedian PJ Gallagher took to Twitter earlier today to share something that appears to have worried many others as well.
“Is Revolut asking everyone for their PPS number now?” he wondered.
The question received a flood of responses, with many receiving the same message and believing it to be a scam.
“Ha ha just as I was reading this tweet, a message popped up asking for my tax details and where I live. I don’t think so, buddy,†one commentator said.
Another added: “Got that too. Delete!”
However, according to Revolut, the company is required by law to collect and report information about your tax residences.
Revolut states: “This is regulated by international standards, in particular CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act).
“Revolut is required to obtain self-certification from clients on the following information under FATCA / CRS:
Last name
Residence address
Date of Birth
Tax residency: Jurisdiction (s) of tax residence. You are generally considered a tax resident in countries where you pay taxes or are physically present for at least six months per year.
Tax identification number (TIN) for each tax residence. “
You are generally considered a tax resident in countries where you pay taxes or are physically present for at least six months of the year.
You will most likely be asked for your PPS number if you trade in stocks or cryptocurrency, as this helps prevent fraud and tax evasion.
As for whether they will share your tax information with anyone, Revolut had this to say:
“Revolut has a legal obligation to annually report year-end account balances to local tax authorities in Lithuania, or to provide information at their request. Revolut does not share your information automatically or directly with tax authorities other countries, the Lithuanian tax administration is responsible for collecting and sending this information to other local authorities under the Standard for Automatic Exchange of Financial Account Information, developed by the ‘OECD, which represents the international consensus on the automatic exchange of financial account information for tax purposes, on a reciprocal basis. “
If you close your Revolut account, they will keep your personal data for eight years after the account is closed, in accordance with Lithuanian law.
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