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Common Reporting Standard (CRS)
The document outlines the automatic exchange of financial account information under the Common Reporting Standard (CRS) to identify taxable entities and prevent asset concealment. It details the reporting obligations for financial institutions regarding pre-existing and new accounts, with deadlines spanning from 2015 to 2018. Furthermore, it lists participating jurisdictions globally and emphasizes the compliance processes and data handling related to taxpayer identification.
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Common Reporting Standard (CRS)
- 1. AEOI – AutomaticExchange of Financial Account Information CRS – Common Reporting Standard RPS Recovery Portfolio Services Ltd. © RPS Recovery Portfolio Services Ltd. – www.recovery-portfolio-services.co.uk
- 2. Investment income(e.g. interest, dividends and similar types of income) Account balances Sales proceeds from financial assets Individuals Entities (which includes trusts and foundations) Banks Custodians & Broker Collection Investment Undertakings (CIUs) Certain Insurance Companies Comprehensive Reporting System Account Information Financial InstitutionsAccount Holder ©RPSRecoveryPortfolioServicesLtd.–www.recovery-portfolio-services.co.uk Objective: Prevent the concealment of taxable assets from income and/or asset values (including disposal of financial assets) Objective: Identification of taxpayers in order to identify these domiciliary companies, trusts or similar structures, including taxable entities.
- 3. Accounts that were openedbefore 31 December 2015 are rated as ‘pre-existing accounts’ New accounts opened from 1 January 2016. Identification according OECD standards required. ‘Pre-existing accounts’ of high value. Identification required until 31 December 2016. ‘Pre-existing accounts’ of high value identified until 31 December 2016 Reporting obligation: 30 September 2017 Identification of ‘pre- existing accounts’ of low value (individuals and entities) until 31 December 2017 Reporting obligation: 30 September 2018 New financial accounts identified until 31 December 2016 Reporting obligation: 30 September 2017 Implementation period 2015 2016 2017 2018 ©RPSRecoveryPortfolioServicesLtd.–www.recovery-portfolio-services.co.uk ‘Pre-existing accounts’ of low value identified until 31 December 2016 Identification required until 31 December 2017 *Differentiation between ‘pre-existing individual accounts’ and ‘pre-existing entity accounts’.
- 4. Reporting Institution/Reporting countryData Receiver (Country) Reportable Institute collects information from taxpayers or generated information by itself Reporting of the required information to the tax authorities of the identity of the non-resident taxpayer (payments) All information received, they will be reviewed by the tax authorities of the reporting country and pooled The information are encrypted and transmitted to the authorities of the country of residence of the taxpayer Information received and decrypted After the taxpayer identification a compliance check will take place. If infringements are identified, further information from the sending country are requested (EOI on request); Use of data for purposes of risk assessment The relevant information will be fed to either an automatic or manual evaluation and review process Automatic Data Exchange (end-to-end process) ©RPSRecoveryPortfolioServicesLtd.–www.recovery-portfolio-services.co.uk
- 5. Financial Institutions Custodial Institutions Depository Institutions Investment Entity Financial Asset Specified Insurance Company Participating Jurisdiction Financial Institutions Governmental Entity International Organisation Central Bank Broad Participation Retirement Fund Narrow Participation Retirement Fund Pension Fund of a Governmental Entity, International Organisation or Central Bank Qualified Credit Card Issuer Exempt Collective Investment Vehicle *OECD Definition Reporting Financial Institutions* (e.g.) Non-Reporting Financial Institutions* (e.g.) ©RPSRecoveryPortfolioServicesLtd.–www.recovery-portfolio-services.co.uk
- 6. AFRICA • Mauritius • Seychelles •South Africa ASIA • Brunei • China • Hong Kong • India • Indonesia • Israel • Japan • North Korea • Qatar • Russia • Saudi Arabia • Singapore • South Korea • Turkey • United Arab Emirates EUROPE • Albania • Andorra • Austria • Belgium • Bulgaria • Croatia • Cyprus • Czech Republic • Denmark • Estonia • Faroe Islands • Finland • France • Germany • Gibraltar • Greece • Guernsey • Hungary • Iceland • Ireland • Isle of Man • Italy • Jersey • Latvia • Liechtenstein • Lithuania • Luxembourg • Malta • Monaco • Netherlands • Norway • Poland • Portugal • Romania • San Marino • Slovakia • Slovenia • Spain • Sweden • Switzerland • Turkey • United Kingdom NORTH AMERICA • Anguilla • Antigua and Barbuda • Bahamas • Barbados • Belize • Bermuda • British Virgin Islands • Canada • Cayman Islands • Costa Rica • Dominica • Greenland • Grenada • Mexico • Montserrat • Saint Kitts and Nevis • Saint Lucia • Saint Vincent and the Grenadines • Sint Maarten • Trinidad and Tobago • Turks and Caicos Islands OCEANIA • Australia • Marshall Islands • New Zealand • Niue • Samoa SOUTH AMERICA • Argentina • Aruba • Brazil • Chile • Colombia • Curacao • Uruguay Participating Jurisdictions ©RPSRecoveryPortfolioServicesLtd.–www.recovery-portfolio-services.co.uk
- 7. Be prepared forCommon Reporting Standard. RPS Recovery Portfolio Services Ltd. www.recovery-portfolio-services.co.uk office@recovery-portfolio-services.co.uk