News

Check if your bank is going to report for CRS!

0

7 Jun. 2017

The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as commons due diligence procedures to be followed by financial institutions.

Spain is an early adopter and will report by next September for year 2016. Other jurisdiction has jointed later to report as from year 2017. The details of which jurisdiction will bilaterally exchange financial account information is now available (view). Here you can see that Jersey, for example, will report to Spain for year 2016, but Russia instead has no activated bilateral exchange relationship.

Banks will report based on the tax residence of the reportable person, applying the residence address test. This could be crucial if Spain is your postal address for correspondence sent by the bank.

The deadline to file the Personal Income Tax for year 2016 is next 30 June. Play ahead and check your situation with your banks abroad. Voluntary tax regularization is advisable. Contact us for assistance. 

Leave a Reply

    No Twitter Messages