Are savings, investments linked to tax id in your country?

[neku]

In some countries, the savings, investments are linked to the tax id of the citizen. So increasingly fraudsters who want to rob the savings of hardworking professionals, investors are getting the tax id data changed, first the fathers name in the tax id is getting changed. The fraudsters are very powerful, they ensure that the professional whose tax id data is changed in government records does not get any information or intimation about the change in records at the time of change. Are savings, investments linked to tax id in your country?

 

[riberet19]

Yes, since all financial services here need you to pass a KYC where they ask for your ID.

 

[Sanjeev]

Yes, they are linked to PAN here and it's mandatory for all the people here.

 

[Starmix]

Any person here in my country earning from an employment must pay a personal tax and those having businesses and investments must pay income taxes.

 

[Suba]

In my country, we are subject to income tax on interest from savings and deposits, while investments such as crypto sales and stocks are subject to income tax, and even crypto swaps are subject to income tax.

 

[oliver991]

Same here. Everything, bank accounts, investments, even mutual funds, has to be tied to your tax ID. It makes compliance easier but also means one mistake in records can mess up everything. That’s why I check my statements often just to catch issues early.

 

[neku]

Last year the fathers name was incorrect, I got it corrected. This year the address has also been updated incorrectly for the government records, to allegedly steal savings.

 

[Augusta]

I don't really know about this but I think this should be what is practice here. If it is not a bad idea

 

[Starmix]

You will not be accepted by the Bureau of the Internal Revenue without showing your Tax ID number. But when you're employed like in my case, it's the finance department responsible for filing our income taxes. I haven't filed an income tax personally, only after having an offline business.