Common Reporting Standard (CRS) - Reporting in Detail

[RickSanchez]

Does someone know, how CRS reports between Banks and residential tax offices look like in detail?

Is the reported calendar year 1.1. - 31.12.?

Will the reported amount simply the balance on 31.12. or will the highest balance or a median of the calendar year be send to the tax office of residency? Or maybe all of this data?

Cheers!

 

[Internationaloff]

Standard for Automatic Exchange of Financial Account Information in Tax Matters | READ online
From page 29 onwards.

PS: The bank will report the balance on 31.12

 

[KJK]

PS: The bank will report the balance on 31.12

That is very nice. Is that the only thing reported though?

I already asked in one or two other threads in the Mentor section and I never got qualified reply to that.
I think the reason is noone really knows 100% sure, not even some banks.

You need to know what type of account you have.

And then it would be nice to know what is "total gross amount paid or credited to the Account Holder with respect to the account during the calendar year or other appropriate reporting period". NB that this is not amount of interest paid, this is amount paid.

 

[negon]

take it as all your activity is getting reported. Sadly they are not stupid and it would make absolutly no sense if accounts under a certain threshold wouldn't get reported just because the amount was that "low" the 31.12 !

 

[RickSanchez]

Thanks for your answers. On page 31, Point 4 ( Standard for Automatic Exchange of Financial Account Information in Tax Matters | READ online ) its written '..account balance...as of the end of the relevant calendar year or other appropriate reporting period...' whatever that means.

They would be quite stupid if they would let someone empty their account towards the end of the year and just report 31.12.'s balance.

But maybe it is that way as long the account balance is under a certain limit. Has anyone read about something like this?

The no-report-limit for preexisting accounts is a balance of 250k (as of 31.12.).

 

[Marius]

Hi,
>>>The no-report-limit for preexisting accounts is a balance of 250k (as of 31.12.).
correct, but what about the new accounts?
i need to open a new one.
If i open a new account for a IBC for example in Slovakia or in St Vincent and the Grenadines will they report the funds balance at 31.12. to local tax authorities,
also if it is under of 250k?