CRS-Common Reporting Standard
Introduction to CRS
The Common Reporting Standard (CRS) is a global standard for countries to exchange information about offshore accounts. It aims to prevent offshore tax evasion by giving countries transparency about offshore financial assets. It was developed by the Organisation for Economic Cooperation and Development (OECD). ING complies with CRS globally.
As of 1 January 2016, CRS applies to individuals and legal entities. More than 100 countries have committed to CRS, including all EU member states and key financial centres.
How does CRS work?
Financial institutions are asked to identify customers’ tax residencies and report financial accounts held directly or indirectly by foreign tax residents to local tax authorities, who then exchange the information.
What does ING do?
ING identifies customers’ tax residencies in accordance with the rules of Act XXXVII of 2013 on the provisions of international administrative cooperation in relation to tax and other related public levies (“Act”). Then we report financial accounts held directly or indirectly by foreign tax residents to the local tax authority until 30 June with respect to the preceding tax year in accordance with the data requirements of the Act.
What does it mean for you?
If you will be impacted by CRS, we will ask you to complete a self-certification form that includes your tax residency. If your circumstances change and they will affect your CRS classification, then you will need to let us know as well as complete a new self-certification form.
For more details see the OECD website or contact your local tax authority.
This announcement is provided in accordance with Section 288/D. of Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises whereby we shall inform our customers on the identification of our customers’ tax residencies and our obligation to report data towards the local tax authority pursuant to Section 43/H of the Act.