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CRS - The Road to a Compliant Environment

CRS - The Road to a Compliant Environment

The CRS (Common Reporting Standard) issued by the OECD (Organisation for Economic Co-operation and Development) is a big step towards a globally coordinated approach to disclosure of income earned by individuals and organisations.

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The CRS (Common Reporting Standard) issued by the OECD (Organisation for Economic Co-operation and Development) is a big step towards a globally coordinated approach to disclosure of income earned by individuals and organisations. As a measure to counter tax evasion, it builds upon other information sharing legislation, such as FATCA (the US Foreign Account Tax Compliance Act) and the European Union (EU) Savings Directive.The CRS will be effective from January 2016 for more than 50 “early adopter” countries, including Cyprus. Financial institutions based in a country that adopts the CRS will, subject to the enactment of enabling legislation, be compelled to implement new requirements on customer on-boarding, pre-existing customer due diligence, entity and product classification, governance and reporting.

KPMG and the KPMG logo are registered trademarks of KPMG International Cooperative ("KPMG International") a Swiss entity. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG International Cooperative ("KPMG International") or KPMG member firms.

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