Upcoming deadline: Belize, end of March 2020
CRS reporting is an ongoing annual compliance cost many businesses will need to factor in. Organising a good plan early on to get stakeholders on board and optimise resources, will help you to get structured and in control.
Developed by the Organisation for Economic Cooperation and Development (OECD), the Common Reporting Standard (CRS) is the result of the consistent development of the exchange of tax related data between Governments.
By enabling the exchange of information, this allows correct taxation of income and assets, and works as an effective tool against tax evasion.
If you are a financial institution residing in a CRS participating jurisdiction, you will be required to conduct a CRS report.
Jurisdiction undertaking first exchange in 2017
Anguilla, Argentina, Belgium, Bermuda, British Virgin Islands, Bulgaria, Cayman Islands, Colombia, Croatia, Cyprus2, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Jersey, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Montserrat, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Turks and Caicos Islands, United Kingdom*
Jurisdiction undertaking first exchange in 2018
Andorra, Antigua and Barbuda, Aruba, Australia, Austria, Azerbaijan, The Bahamas, Bahrain, Barbados, Belize, Brazil, Brunei Darussalam, Canada, Chile, China, Cook Islands, Costa Rica, Curacao, Dominica, Greenland, Grenada, Hong Kong (China), Indonesia, Israel, Japan, Kuwait, Lebanon, Macau (China), Malaysia, Marshall Islands, Mauritius, Monaco, Nauru, New Zealand, Niue, Pakistan, Panama, Qatar, Russia, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samoa, Saudi Arabia, Singapore, Sint Maarten, Switzerland, Trinidad and Tobago, Turkey, United Arab Emirates, Uruguay, Vanuatu*
Jurisdiction undertaking first exchange in 2019 / 2020
Albania (2020), Ghana (2019), Kazakhstan (2020), Maldives (2020), Nigeria (2019), Oman (2020), Peru (2020)*
*Source : OECD, November 2018
Switzerland 30 June 2020
British Virgin Islands 31 May 2020
Belize 31 March 2020
Classify all entities under your management
This includes companies, trusts, foundations and partnerships.
Make a list of all Financial Institutions and their residence for CRS purposes
Filter out your entities that have Financial Institutions status, and identify your main reporting jurisdictions.
Put together a roadmap to manage upcoming deadlines
With a list of all jurisdictions to conveisder, start with your main two and follow the individual CRS guidance notes per jurisdiction.
Get your key stakeholders on board early
Passing a submission validation on an AEOI portal, you will be required to provide key information that comes from various systems and teams. Ensure key stakeholders know what they need to supply, and when.
Identify and document account holders
With you Financial Institutions list, identify your account holders if they have self-certifications or are properly identified through your KYC / AML process
Automate your reporting process
Consider automating the reporting through IT infraustrure or xml gemernation. We can also help you with your CRS reporting.
We’re here to help you with your CRS reporting. We utilise a secure in-house reporting software solution hosted in Switzerland, conduct successful filing of regulatory reports with tax authorities on your behalf, and have a reporting audit trail and the ability to respond to tax administration queries. We’ll save you time and cost with our secure, efficient solution.
Find out more about our CRS reporting services.
If you would like to outsource your reporting to us, or just to get some guidance, get in touch and we will be happy to help.
© Kendris AG 2019