Bulgaria

Bulgaria

Introduction to CRS

The Common Reporting Standard (CRS) is a global standard for countries to exchange information about offshore accounts.

Introduction to CRS

The Common Reporting Standard (CRS) is a global standard for countries to exchange information about offshore accounts. It aims to prevent offshore tax evasion by giving countries transparency about offshore financial assets. It was developed by the Organisation for Economic Cooperation and Development (OECD).  ING complies with CRS globally.

 As of 1 January 2016, CRS applies to individuals and legal entities. More than 100 countries have committed to CRS, including all EU member states and key financial centres.

How does CRS work?

Financial institutions are asked to identify customers’ tax residencies and report financial accounts held directly or indirectly by foreign tax residents to local tax authorities, who then exchange the information.

What does ING do?

ING identifies customers’ tax residencies. Then we report financial accounts held directly or indirectly by foreign tax residents to the local tax authority.

 

What does it mean for you?

If you will be impacted by CRS, we will ask you to complete a self-certification form that includes your tax residency. If your circumstances change and they will affect your CRS classification, then you will need to let us know as well as complete a new self-certification form.


Any questions? 

For more details see the OECD website or contact your local tax authority.