Definition of common reporting standard

There are a series of model agreements for countries to adopt to apply a Common reporting standard (CRS) which has been approved by the G20. It is the approved way to share bank account information for tax purposes automatically between states.

Under existing proposals, financial institutions will be required to capture information in relation to accounts in existence as at 31 December 2015, and new accounts opened on or after 1 January 2016 with first reporting to HMRC in 2017 to be then shared with other countries with which it enters into agreements. The CRS is designed to provide maximum consistency with the US FATCA standard in order to minimise the additional costs and burdens to business from the increased reporting requirements. [1]

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