CRS stands for the Common Reporting Standard. It is a commonly used term for the Standard for Automatic Exchange of Financial Account Information (AEOFAI) in Tax Matters. CRS is published by the Organization for Economic Co-operation and Development (OECD), and supported by G20 countries.
What is the purpose of a CRS?
Like FATCA, the CRS aims to facilitate the exchange of information between countries regarding account holders and investors with accounts in foreign jurisdictions, thereby preventing tax evasion on funds held abroad.
What is the purpose of the CRS form?
CRS has been designed to increase transparency about tax matters on a global scale. It requires financial institutions (FIs) to identify accounts held directly or indirectly by persons who are not tax residents in the country where their account is opened.
Who is required to have a form CRS?
You must use reasonable paper size, font size, and margins. If delivered electronically, the relationship summary must not exceed the equivalent of two pages or four pages in paper format, as applicable.
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