CRS: do's and don'ts
The CRS (Common Reporting Standard) is an international agreement designed to promote tax transparency and combat tax evasion by exchanging information on the bank accounts and assets of foreign residents.
What you need to do:
- eastDeclare foreign assets Foreign residents must declare their foreign assets, including bank accounts, stocks, bonds, real estate, etc.
- eastProvide information on foreign assets Banks and financial institutions must provide information on their customers' foreign assets to their tax authorities.
- eastCooperate with tax authorities Foreign residents must cooperate with tax authorities to provide the information necessary for the application of the CRS.
What not to do:
- eastDon't declare foreign assets Foreign residents must not declare their foreign assets, as this may lead to tax and criminal consequences.
- eastDo not provide information on foreign assets Banks and financial institutions must not provide information on their customers' foreign assets, as this may have tax and criminal consequences.
- eastDo not cooperate with tax authorities Foreign residents must not refuse to cooperate with the tax authorities to provide the information necessary for the application of the CRS.
Practical advice:
- eastProvide accurate information Foreign residents should provide precise and accurate information on their foreign assets.
- eastProvide information on time Foreign residents must provide the necessary information on time, to avoid penalties and tax consequences.
- eastProvide information on the foreign assets of their beneficiaries Foreign residents must provide information on the foreign assets of their beneficiaries, including children and spouses.
In short, the CRS is an international agreement designed to promote tax transparency and combat tax evasion by exchanging information on the bank accounts and assets of foreign residents. Foreign residents must declare their foreign assets, provide information on these assets and cooperate with the tax authorities.
