Chapter 1 - Common Reporting Standards (CRS)

Question 1

What is the CRS?

Answer 1

An agreement of standards between 47 countries to automatically share the assets and incomes of their residents.

Question 2

Which international convention is the CRS based on?

Answer 2

Article 6 - Convention on Mutual Administrative Assistance in Tax Matters

Question 3

Which other pieces of legislation does the CRS build on?

Answer 3

FATCA and the EU Savings Directive

Question 4

Which 2 regulations does the AEoI have?

Answer 4

1. OECD Competent Authority Agreement (CAA)

2. OECD Common Reporting Standards (CRS)

Question 5

What is the CAA?

Answer 5

Competent Authority Agreement - Bilateral agreement to share the AEoI.

Question 6

In relation to AEoI, what is the CRS?

Answer 6

Sets out who will be reporting, what will be reported and the format of reporting.

Question 7

What types of financial information may be included in the AEoI?

Answer 7

1. Interest
2. Dividends
3. Account balance
4. Income for certain insurance products
5. Sales proceeds from financial assets.

Question 8

What is the decisive factor in gathering data?

Answer 8

Tax residency