Overview crs in asia pacific
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CRS overview of Jurisdictions in Asia Pacific implementing the OECD Common Reporting Standard
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Overview crs in asia pacific
- 1. Common Reporting Standard/AEoI Overview Participating Jurisdiction in the Asia Pacific Region 14 March, 2017 Author: M. Zawar LLM
- 2. The Globalisation of the financial sector makes it easier for individuals and legal entities to hold financial accounts outside of their jurisdiction of residence. Holding “off-shore” accounts for tax planning purposes is a legal instrument to reduce the account holders tax burden compliant to international and domestic tax regulations, but… • some will use this availability of offshore accounts to hide such accounts from their tax authorities. Offshore tax evasion causes estimated economic damage up to US$190bn worldwide* The following slides provides an high-level overview of the Asia Pacific Jurisdictions joining the OECD Common Reporting Standard supporting the efforts against tax evasion by using offshore accounts Introduction * Source: The hidden wealth of Nations; Gabriel Zucman; Sep. 2015; University of Chicago Press
- 3. Australia Enforcement Date 01 July 2017 Wider Approach Yes Account Opening Procedures to meet CRS Requirements for New Individual Accounts 01 July, 2017 New Legal Entity Accounts 01 July, 2017 Completion of Client Due Diligence and Classification for pre-existing accounts Pre-existing Individual Accounts high-value Accounts 31 July, 2018 Pre-existing Individual Accounts low value Accounts 31 July, 2019 Pre-existing entity Accounts Aggregated account Balance or Value that exceeds USD 250,000 as of 30 June 2017 31 July, 2018 Aggregated account balance or value that does not exceed USD 250,000 as of 30 June 2017 Within the calendar year of the following year in which the aggregated account balance or value exceeds USD 250,000 Reporting Deadline for Reporting Financial Institutions Reporting Deadline 31 July, 2018 • For the first CRS reporting period, where reports are due to the ATO on 31 July 2018, the report data is for the 6 months 1 July 2017 to 31 December 2017. Thereafter reports will cover the full calendar year. Reporting Schema Domestic Format Reportable Countries Australia has currently activated reporting relationship with 41 Jurisdictions (including all EU Member States)
- 4. India Enforcement Date 01 January, 2016 Wider Approach Yes Account Opening Procedures to meet CRS Requirements for New Individual Accounts 01 January, 2016 New Legal Entity Accounts 01 January, 2016 Completion of Client Due Diligence and Classification for pre-existing accounts Pre-existing Individual Accounts high-value Accounts 31 December, 2016 Pre-existing Individual Accounts low value Accounts 31 December, 2017 Pre-existing entity Accounts Aggregated account Balance or Value that exceeds USD 250,000 as of 31 Dec 2015 31 December, 2017 Aggregated account balance or value that does not exceed USD 250,000 as of 31 Dec 2015 Within the calendar year of the following year in which the aggregated account balance or value exceeds USD 250,000 Reporting Deadline for Reporting Financial Institutions 31 May, 2017 Reporting Schema CRS Standard XML Format Reportable Countries India has currently activated reporting relationship with 43 Jurisdictions (including all EU Member States).
- 5. Hong Kong Enforcement Date 01 January, 2017 Wider Approach Optional Account Opening Procedures to meet CRS Requirements for New Individual Accounts 01 January, 2017 New Legal Entity Accounts 01 January, 2017 Completion of Client Due Diligence and Classification for pre-existing accounts Pre-existing Individual Accounts high-value Accounts 31 December, 2017 Pre-existing Individual Accounts low value Accounts 31 December, 2018 Pre-existing entity Accounts Aggregated account Balance or Value that exceeds USD 250,000 as of 31 Dec 2016 31 December, 2018 Aggregated account balance or value that does not exceed USD 250,000 as of 31 Dec 2016 Within the calendar year of the following year in which the aggregated account balance or value exceeds USD 250,000 Reporting Deadline for Reporting Financial Institutions 31 May, 2018 Reporting Schema Domestic Format Reportable Countries For the reportable period 01 Jan – 31 Dec 2017 Japan and UK For the reportable period 01 July – 31 Dec 2017 newly added 72 reportable Jurisdictions.
- 6. Indonesia Enforcement Date 01 January, 2017 Wider Approach N.A. Account Opening Procedures to meet CRS Requirements for New Individual Accounts 01 January, 2017 New Legal Entity Accounts 01 January, 2017 Completion of Client Due Diligence and Classification for pre-existing accounts Pre-existing Individual Accounts high-value Accounts 31 December, 2017 Pre-existing Individual Accounts low value Accounts 31 December, 2018 Pre-existing entity Accounts Aggregated account Balance or Value that exceeds USD 250,000 as of 31 Dec 2016 31 December, 2018 Aggregated account balance or value that does not exceed USD 250,000 as of 31 Dec 2016 Within the calendar year of the following year in which the aggregated account balance or value exceeds USD 250,000 Reporting Deadline for Reporting Financial Institutions 31 May, 2018 Reporting Schema N.A. Reportable Countries Not applicable
- 7. Japan Enforcement Date 01 January, 2017 Wider Approach Yes Account Opening Procedures to meet CRS Requirements for New Individual Accounts 01 January, 2017 New Legal Entity Accounts 01 January, 2017 Completion of Client Due Diligence and Classification for pre-existing accounts Pre-existing Individual Accounts high-value Accounts 31 December, 2017 Pre-existing Individual Accounts low value Accounts 31 December, 2018 Pre-existing entity Accounts Aggregated account Balance or Value that exceeds USD 250,000 as of 31 Dec 2016 31 December, 2018 Aggregated account balance or value that does not exceed USD 250,000 as of 31 Dec 2016 Within the calendar year of the following year in which the aggregated account balance or value exceeds USD 250,000 Reporting Deadline for Reporting Financial Institutions 30 April, 2018 Reporting Schema N.A. Reportable Countries Japan has currently activated reporting relationship with 6 Jurisdictions (including 5 EU Member States).
- 8. Malaysia Enforcement Date 01 July, 2017 Wider Approach Yes Account Opening Procedures to meet CRS Requirements for New Individual Accounts 01 July, 2017 New Legal Entity Accounts 01 July, 2017 Completion of Client Due Diligence and Classification for pre-existing accounts Pre-existing Individual Accounts high-value Accounts 30 June, 2018 Pre-existing Individual Accounts low value Accounts 30 June, 2019 Pre-existing entity Accounts Aggregated account Balance or Value that exceeds USD 250,000 as of 30 June 2017 30 June, 2018 Aggregated account balance or value that does not exceed USD 250,000 as of 30 June 2017 Within the calendar year of the following year in which the aggregated account balance or value exceeds USD 250,000 Reporting Deadline for Reporting Financial Institutions 30 June 2018 Reporting Schema N.A. Reportable Countries The Inland Revenue Board of Malaysia (IRB) has announced that the first list of reportable jurisdictions will be published by 15 January 2018
- 9. New Zealand Enforcement Date 01 July, 2017 Wider Approach Yes Account Opening Procedures to meet CRS Requirements for New Individual Accounts 01 July, 2017 New Legal Entity Accounts 01 July, 2017 Completion of Client Due Diligence and Classification for pre-existing accounts Pre-existing Individual Accounts high-value Accounts 31 March, 2018 Pre-existing Individual Accounts low value Accounts 31 March, 2019 Pre-existing entity Accounts Aggregated account Balance or Value that exceeds USD 250,000 as of 30 June 2017 31 March, 2018 Aggregated account balance or value that does not exceed USD 250,000 as of 30 June 2017 Within the calendar year of the following year in which the aggregated account balance or value exceeds USD 250,000 Reporting Deadline for Reporting Financial Institutions Reporting Deadline 30 June, 2018 • Report Submission for period 01.07.17 – 31.03.18 (incl. Accounts identified during the grace period 01.Apr 2018 – 30. Jun 2018 Reporting Schema CRS Standard XML Format Reportable Countries Not applicable
- 10. South Korea Enforcement Date 01 January, 2016 Wider Approach Yes Account Opening Procedures to meet CRS Requirements for New Individual Accounts 01 January, 2016 New Legal Entity Accounts 01 January, 2016 Completion of Client Due Diligence and Classification for pre-existing accounts Pre-existing Individual Accounts high-value Accounts 31 December, 2016 Pre-existing Individual Accounts low value Accounts 31 December, 2017 Pre-existing entity Accounts Aggregated account Balance or Value that exceeds USD 250,000 as of 31 Dec 2016 31 December, 2017 Aggregated account balance or value that does not exceed USD 250,000 as of 31 Dec 2016 Within the calendar year of the following year in which the aggregated account balance or value exceeds USD 250,000 Reporting Deadline for Reporting Financial Institutions 30 June 2017 Reporting Schema CRS Standard XML Format Reportable Countries South Korea has currently activated reporting relationship with 38 Jurisdictions (including all EU Member States)
- 11. Singapore Enforcement Date 01 January, 2017 Wider Approach Yes Account Opening Procedures to meet CRS Requirements for New Individual Accounts 01 January, 2017 New Legal Entity Accounts 01 January, 2017 Completion of Client Due Diligence and Classification for pre-existing accounts Pre-existing Individual Accounts high-value Accounts 31 December, 2017 Pre-existing Individual Accounts low value Accounts 31 December, 2018 Pre-existing entity Accounts Aggregated account Balance or Value that exceeds USD 250,000 as of 31 Dec 2016 31 December, 2018 Aggregated account balance or value that does not exceed USD 250,000 as of 31 Dec 2016 Within the calendar year of the following year in which the aggregated account balance or value exceeds USD 250,000 Reporting Deadline for Reporting Financial Institutions 31 May, 2018 Reporting Schema CRS Standard XML Format Reportable Countries Singapore has signed bilateral Agreements with Australia, Canada, Finland, Italy, Japan, Netherlands, Norway, Republic of Korea, South Africa and UK.
- 12. Thailand Enforcement Date n.a. Wider Approach n.a. Account Opening Procedures to meet CRS Requirements for New Individual Accounts n.a. New Legal Entity Accounts n.a. Completion of Client Due Diligence and Classification for pre-existing accounts Pre-existing Individual Accounts high-value Accounts n.a. Pre-existing Individual Accounts low value Accounts n.a. Pre-existing entity Accounts Aggregated account Balance or Value that exceeds USD 250,000 as of 31 Dec 2016 n.a. Aggregated account balance or value that does not exceed USD 250,000 as of 31 Dec 2016 n.a. Reporting Deadline for Reporting Financial Institutions n.a. Reporting Schema n.a. Reportable Countries n.a.