common reporting standard (crs)
TRANSCRIPT
AEOI – Automatic Exchange of Financial Account Information
CRS – Common Reporting Standard
RPS Recovery Portfolio Services Ltd.
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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
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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.
Accounts that were opened before 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
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‘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’.
Reporting Institution/Reporting country Data 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)
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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.)
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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
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Be prepared for Common Reporting Standard.
RPS Recovery Portfolio Services Ltd.
www.recovery-portfolio-services.co.uk