CRS – Common Reporting System
- FATCA version of OECD (Organisation for Economic Co-operation & Development) countries.
- Platform to exchange financial information in respect of residents of 112 countries.
- Countries include – India, United Kingdom, UAE, Singapore, Hong Kong, China, Australia, Canada, Germany, Switzerland etc.
- Determination date : 31st December 2015.
- All Accounts supposed to be reported (without minimum balance exclusion).
- Income to be reported under CRS over & above the accounts and investments.
- Transactions with all entities are to be reported. FI with local client base, retirement funds etc. not exempted in CRS.
Exchange of information
As per the article on ‘Exchange of Information’ in several DTAAs, the tax authorities of both jurisdictions shall exchange information relating to all taxes applicable to residents to avoid evasion of taxes or frauds.
Such exchange can be on a routine basis or on request with reference to particular cases. Either jurisdiction shall provide the other with such information and documents as requested unless it involves certain confidential data.
