JFD asking for tax number | Forex Factory

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JFD asking for tax number

  • #1
  • First Post: Jul 13, 2017 12:35pm Jul 13, 2017 12:35pm
Can anybody confirm this request?

"As a recently introduced international requirement endorsed by your country, JFD Brokers requires the information regarding your country of Tax Residency and your Tax Identification Number (TIN). Please send it to us via email by Monday 17th July 2017.

Why do we need this info? Governments around the world have been working together to fight against tax evasion by introducing information-gathering and reporting requirements for financial institutions. One of these is known as the Common Reporting Standard (CRS) which seeks to establish the tax residency of customers. Under the CRS, financial institutions are required to identify business customers and their beneficial owners who appear to be tax residents outside of the country where they hold their accounts and products. JFD Brokers is set to execute its first reporting about its clients to the Cypriot Tax Authorities, and we kindly request your cooperation on this matter. "

The extremely short timeframe for sending such sensitive data and the fact, that I have never encountered such a request from an international broker gives the issue a shady touch.
  • #2
  • Jul 14, 2017 2:32am Jul 14, 2017 2:32am
What happens if you choose not to provide them with your Tax Identification Number? Are they going to suspend your trading account?

They're just "kindly requesting your cooperation on this matter".

All part of the New World Order..
  • #3
  • Jul 14, 2017 2:42am Jul 14, 2017 2:42am
Quoting Drolph
Can anybody confirm this request? "As a recently introduced international requirement endorsed by your country, JFD Brokers requires the information regarding your country of Tax Residency and your Tax Identification Number (TIN). Please send it to us via email by Monday 17th July 2017. Why do we need this info? Governments around the world have been working together to fight against tax evasion by introducing information-gathering and reporting requirements for financial institutions. One of these is known as the Common Reporting Standard (CRS)...
its the new norm. axitrader also recently requested clients to provide. i would assume its to cover the broker's ass should u fail to pay your taxes in your country.
  • #4
  • Jul 14, 2017 2:50am Jul 14, 2017 2:50am
Quoting Bicarus
{quote} its the new norm. axitrader also recently requested clients to provide. i would assume its to cover the broker's ass should u fail to pay your taxes in your country.
Do you provide them with this information they "requested"? pretty sure you don't have to.
  • #5
  • Jul 14, 2017 2:57am Jul 14, 2017 2:57am
Quoting BubaYaga
{quote} Do you provide them with this information they "requested"? pretty sure you don't have to.
technically you dont, but eitherway, they already have it. in my case, my national id = my TIN. which they will request upon account opening. i see no qualms with providing it tho. regulated brokers usually treat offshore clients in a separate book as during tax season, citizens of the same country the broker are located have to declare their taxes. any discrepancy, tax regulators have the right to subpoena broker for withdrawal details. providing your tin, in some sense enforces your existence to the regulators which will come in handy should there be a recourse proceeding. that said, it is also a double edged sword wherein your country's regulators know you have offshore income which u now need to declare.
  • #6
  • Jul 14, 2017 4:57am Jul 14, 2017 4:57am
I would never give such a personal info to a bucketshop. Who knows what they can do with that.

I even feel anxious when I have to send them my passport copy for the application, and even more when I send them my deposit or ask for a withdrawal.

Don't be a sheep. Run away from these guys.
Don't give up on your dreams. Keep sleeping.
  • #7
  • Jul 14, 2017 5:26am Jul 14, 2017 5:26am
Quoting Bicarus
{quote} its the new norm. axitrader also recently requested clients to provide. i would assume its to cover the broker's ass should u fail to pay your taxes in your country.
Thank you - that is what I was looking for. Having several companies currently asking for this sensitive stuff makes the whole request more reliable in some way. Though, I still wonder, what the consequences would be if I am not cooperating.. I am not sure what to do at the moment. :/

Quoting Artcool
I would never give such a personal info to a bucketshop. Who knows what they can do with that. I even feel anxious when I have to send them my passport copy for the application, and even more when I send them my deposit or ask for a withdrawal. Don't be a sheep. Run away from these guys.
Of course this was the first thing that came into my mind as well. But JFD is far from beeing a bucket shop. They are pretty fair in general. That made me curios even more why exactly they are making such a move.
  • #8
  • Jul 14, 2017 11:39pm Jul 14, 2017 11:39pm
Quoting Drolph
{quote} Thank you - that is what I was looking for. Having several companies currently asking for this sensitive stuff makes the whole request more reliable in some way. Though, I still wonder, what the consequences would be if I am not cooperating.. I am not sure what to do at the moment. :/ {quote} Of course this was the first thing that came into my mind as well. But JFD is far from beeing a bucket shop. They are pretty fair in general. That made me curios even more why exactly they are making such a move.
if personal data protection is your utmost concern, trade via a sole proprietor/llc. but eitherway, taxes are coming your way. lol
  • #9
  • Jul 15, 2017 2:25am Jul 15, 2017 2:25am
Do not take me wrong, it is not about the intention the avoid the duty of paying taxes on my gains. But as JFD is not connected to tax payments directly, as they are not located where I am living, the requested number is basically not necessary for them to have me trading with them.
  • #10
  • Jul 15, 2017 2:51am Jul 15, 2017 2:51am
Quoting Drolph
Do not take me wrong, it is not about the intention the avoid the duty of paying taxes on my gains. But as JFD is not connected to tax payments directly, as they are not located where I am living, the requested number is basically not necessary for them to have me trading with them.
it is not requested by them per-say. after the 2016 news of massive tax evasion scandal. regulators around the world have now joined forces to get details/disclosure of their citizens with overseas holdings (example: http://in.reuters.com/article/indone...-idINL4N1K34H0 , https://www.bloomberg.com/news/artic...ngapore-sharks , https://www.businessinsider.com.au/s...ax-bill-2017-7)

simply put, it is bafin in agreement with cysec for full disclosure, that is why cysec is imposing it on their brokers aka jfd and so jfd in turn is asking you for it
  • #11
  • Last Post: Jul 15, 2017 9:49am Jul 15, 2017 9:49am
Never provide more information than necessary to your broker or to any regulator.
It's none of their business to stick their noses into your tax affairs.
And wanting to know your tax number is a no-go!
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