What is the CRS?

The Common Reporting Standard (hereafter “CRS”) 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). A reporting jurisdiction (or "CRS-IN jurisdiction") is a state to which CRS reporting is performed.

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-IN jurisdiction.

For further information please consult the OECD website 

Luxembourg, as an EU Member State, has transposed DAC 2 into Luxembourg legislation by the law of 18 December 2015 on the Common Reporting Standard. 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) to the extent that it is a CRS-IN jurisdiction.

The CRS regulation applies to all financial institutions located in a CRS-IN jurisdiction and requires these institutions to identify whether its customers are deferrable. 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 the tax residence of its clients on the basis of the information in its possession and in particular via the self-certification duly completed (including the Tax Identification Number (TIN)) and signed by the client, accompanied by corroborating documents.
  2. Communicate information about:
  • Identity (name, first name, address and Tax Identification Number) and identification information of the person with a tax residence in a CRS-IN jurisdiction
  • Their account(s) and account balance as of December 31 of the year reported
  • Financial income, including sales proceeds received during the year reported

For new customers, and in accordance with regulatory obligations, ING Luxembourg is obliged to collect from the customer a signed self-certification of tax residence and Tax Identification Number. Without this information, ING is not authorized to open a bank account.

For pre-existing customers, and in accordance with regulatory obligations, ING Luxembourg may require a self-certification including the tax residence and the Tax Identification Number of the customer. As a consequence, undocumented account holder information will be reported to the relevant tax authorities.

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