Common Reporting Standard

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The Common Reporting Standard (CRS) is a procedure for the international exchange of (tax) information ( Automatic Exchange of (Financial Account) Information - AEOI ) and is intended to ensure effective cross-border taxation of interest income ( withholding tax ) in external tax law .

The term Automatic Information Exchange (AEI) is common in Liechtenstein and Switzerland .

history

The Common Reporting Standard was developed by the OECD after the USA, with its FATCA information exchange and the extension for numerous countries with the Inter Governmental Agreement (IGA), had made a push to exchange data between the USA and the final countries. The OECD was commissioned by the G20 summit in Saint Petersburg in 2013 to create a corresponding standard and to present it at the next meeting in February 2014.

On July 21, 2014, the OECD published its proposal for the automatic exchange of information on financial accounts. This proposal consisted of the Competent Authority Agreement (CAA), the Common Reporting Standard with the due diligence part (due diligence) and the actual reporting. The proposal was on 28/29. October 2014 at the global forum for transparency and exchange in Berlin of 51 states signed a multi-sided agreement between the competent authorities on the automatic exchange of information on financial accounts . In addition, this standard was incorporated into the EU Administrative Assistance Directive in December 2014 with the obligation to exchange the relevant data between the tax authorities of the member states of the European Union for the first time for tax periods from 2016 onwards on September 30, 2017 .

By July 2020, 137 countries had approved the CRS standard.

Procedure

The international requirements were implemented in Germany with the law on the automatic exchange of information about financial accounts in tax matters (Financial Accounts Information Exchange Act - FKAustG) of December 21, 2015.

The information required for the exchange is collected by the financial institutions (custodians, deposit banks, investment companies and specified insurance companies, § 19 No. 3–6, 8 FKAustG) and forwarded to the Federal Central Tax Office .

In 2017 the following data were reported:

  • Financial accounts that have already been opened by December 31, 2015 are considered legacy accounts (preExisting)
  • Financial accounts that are opened from January 1, 2016 must be identified according to the new requirements (Newaccount).

This applies to accounts of both natural persons and legal entities (including trusts and foundations). In the case of legal entities, the controlling persons of a legal entity are also subject to this reporting requirement if they are required to report.

Are exchanged ( § 6 , § 8 , § 9 , § 19 FKAustG):

  • Surname
  • address
  • Country of residence
  • Tax identification number
  • Date of birth
  • place of birth
  • Bank account number
  • Name and identification number of the financial institution
  • Account balance
  • Interest, dividends, other income.

Web links

Individual evidence

  1. ↑ Common Reporting Standard - CRS Federal Central Tax Office , accessed on August 22, 2020.
  2. ↑ cf. BGBl. II p. 1630 , 1632.
  3. ↑ Directive 2014/107 / EU of the Council of 9 December 2014 amending Directive 2011/16 / EU with regard to the obligation to automatically exchange information in the field of taxation OJ. L 359/1 of December 16, 2014.
  4. ↑ Sebastian Korts: 1. EU Administrative Assistance Directive and EU Administrative Assistance Act. Retrieved August 22, 2020.
  5. ^ Draft of a law for the automatic exchange of information about financial accounts in tax matters and for the amendment of other laws BT-Drs. 18/5920 of September 7, 2015, p. 1/2.
  6. ^ Jurisdictions participating in The Convention on Mutual Administrative Assistance in Tax Matters. July 22, 2020, accessed August 22, 2020 .
  7. ↑ Federal Law Gazette I p. 2531