CRS means Common Reporting Standard. Countries part of the CRS system automatically share banking and tax information with each other’s tax authorities to avoid tax evasion.
Not all countries adhere to the system though. Find all of the non-CRS countries in 2023 below.
|Papua New Guinea|
What is the CRS?
The Common Reporting System is a voluntary and automatic exchange of information between tax authorities of countries participating in the program.
The CRS was established by the OECD in 2014. Countries began to report information in 2017.
More and more countries have joined the CRS since its establishment.
How Does the CRS System Work?
Financial institutions must report to tax authorities financial information once a year. Those tax authorities automatically exchange this information with other countries where individuals are either citizens or financial residents.
This information is:
- Name, address, social security number, place, and date of birth.
- Account number
- Account balance at the end of the annual reporting period (or when the account closed, if it closed).
Note that CRS only concerns the bank account of individuals. It does not concern bank accounts of companies or trusts.
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