Common Reporting Standard
The Common Reporting Standard (hereafter “CRS”), generally known as the Global FATCA, is a regulation initiated by the OECD, aiming at preventing tax evasion and leading to a global automatic exchange of information between CRS-participating jurisdictions. A CRS participating jurisdiction (or “CRS jurisdiction”, is a country that agreed to implement the CRS).
The CRS has been implemented at European Union level through the Directive on Administrative Cooperation (Directive 2014/107/UE), known as “DAC 2”. Relationship with non-EU countries are ruled by mean of multilateral agreements called “Competent Authority Agreement”.
The CRS requires financial institutions to report financial accounts held, directly or indirectly, by account holders that are tax residents in a CRS jurisdiction.
For further information please consult the OECD website
Luxembourg, as a European Union Member State, must implement the "DAC 2" in his national legislation. As a consequence, Luxemburg Financial Institutions must report information collected to the local tax authority (Administration des Contributions Directes) that will in turn forward the information to the tax authorities of the account holder’s countries of tax residence(s).
The CRS regulation applies to any Financial Institution located in a CRS jurisdiction and obliges those Financial Institutions to identify residents of another CRS jurisdiction. CRS applies to both individuals and entities.
For the purpose of identifying CRS-jurisdiction residents, Financial Institutions are required to obtain self-certifications from their accounts holders. Among others, self-certifications information must include the country(ies) of tax residence and the tax identification number(s).
CRS requires Financial Institutions to:
1) Identify customers for whom one of the following CRS indicia appears:
• Address (mailing, residence, post office box or care-of) in a CRS jurisdiction;
• Telephone number from a CRS jurisdiction that is the only telephone number;
• Standing instructions from their ING account to an account maintained in a CRS jurisdiction;
• Power of attorney on their account granted to a person with a CRS jurisdiction address (mailing, residence, post office box or care-of):
2) Document customers with CRS indicia. This means customers have to sign a self-certification form to confirm their CRS tax residence(s).
3) Report the following information:
• the identity and identification information of the CRS tax resident;
• their accounts and account balances;
• the financial income on these accounts, including gross proceeds;
The first reporting occured in 2017 and covered the year 2016.
For New customers, ING is required to obtain customers tax residence(s) for tax purposes, and their tax identification number(s). Without this information, ING is not authorized to open a bank account.
For Pre-existing customers, ING will contact all customers subject to CRS review to obtain a self-certification form in which they determine their residence for tax purposes and provide their tax identification number. Without a self-certification, ING is legally obliged to consider the account holder as a reportable person. As a consequence, undocumented account holder information will be reported to the relevant tax authorities.
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