Common Reporting Standard (CRS)
Global standard for automatic exchange of financial account data among jurisdictions.
Detailed Description
Common Reporting Standard (CRS)
What is the primary goal of the Common Reporting Standard (CRS)?
The primary goal of the CRS is to facilitate the exchange of financial information across borders to combat tax evasion.
Who developed the Common Reporting Standard?
The CRS was developed by the Organisation for Economic Co-operation and Development (OECD) in 2014.
What are the key reporting requirements under the CRS?
Financial institutions must report account holder information, including names, addresses, tax identification numbers, account balances, and income generated.
How many jurisdictions have committed to the CRS as of October 2023?
As of October 2023, over 100 jurisdictions have committed to the CRS.
What are the consequences of non-compliance with the CRS?
Non-compliance can result in fines, increased scrutiny from regulators, reputational damage, and potential criminal charges.