COMMON REPORTING STANDARD. The Cypriot Government has and will be committing to a number of inter-governmental agreements for the automatic exchange of financial account information developed by the OECD, known as Common Reporting Standard (CRS) to share tax information, where applicable, with the tax authorities in other jurisdictions. The requirement to collect certain information about each Client’s tax arrangement is part of the Cypriot legislation thus Royal Forex is legally obliged to collect it. All Clients are requested to disclose their tax ID (where applicable) and tax residencies since this information will be reported to the relevant tax authorities, when required. The Company has the right to provide such information to the local tax authorities which may exchange this information with tax authorities of other jurisdictions pursuant to the intergovernmental agreements relevant to the exchange of financial account information. Furthermore, the Company does not provide tax advice to its Clients, and therefore if you have any questions about determining your tax residence in any particular country, please contact your tax adviser or the local tax authority. In regards to the declaration of tax residency, please note that according to the requirements for the validity of self-certification of the standard for automatic exchange of Financial Account information in tax matter by the account holder. The Company may at any time be required under the provisions of Applicable Laws and Regulations, to provide information about you or your Tax position to any regulatory body or authority located within Cyprus or abroad. You hereby consent to the Company providing such information about you in these circumstances.
COMMON REPORTING STANDARD. Under Common Reporting Standard (“CRS”) Regulations, we are obliged to collect certain information about the Financial Account Holder/the client for the purposes of reporting. We have the right to provide such information to the local tax authorities and they may exchange this information with tax authorities of other jurisdiction(s) pursuant to intergovernmental agreements signed between different countries regarding the exchange of financial account information.
COMMON REPORTING STANDARD. Section 4 : Declaration of all tax residencies (repeat any residencies indicated in Part II, Section 2 (US Persons)) Please indicate the entity’s place of tax residence (if resident in more than one jurisdiction please detail all jurisdictions and associated tax reference number type and number). For the purposes of the Common Reporting Standard (CRS), all matters in connection with residence are determined in accordance with the CRS and its commentaries. If an entity has no residence for tax purposes please indicate the jurisdiction in which its place of effective management is situated. Please indicate not applicable if a jurisdiction does not issue or you are unable to procure a tax reference number or functional equivalent and indicate the reason below. Jurisdiction(s) of tax residency Tax reference number type Tax reference number (eg TIN) If applicable, please specify the reason for non-availability of a tax reference number:
COMMON REPORTING STANDARD. The Company is further obligated to identify, maintain and report information about individuals and entities tax resident in another jurisdiction for whom they maintain financial accounts and to report it to the Cyprus Tax Department to the extent that it is reportable under the applicable Legislation. The Company has taken all steps to ensure its conformity with the Assessment and Collection of Taxes (exchange of information) in the frame of the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information Decree of 2016.
COMMON REPORTING STANDARD. Exchange of information Since 1 January 2016, the exchange of information has, in a significant number of countries already been governed by the Common Reporting Standard (“CRS”). On 29 October 2014, 511 jurisdictions signed the multilateral competent authority agreement (“MCAA”), which is a multilateral framework agreement to automatically exchange financial and personal information, with the subsequent bilateral exchanges coming into effect between those signatories that file the subsequent notifications. More than 50 jurisdictions have committed to a specific and ambitious timetable leading to the first automatic information exchanges in 2017. More than 40 jurisdictions have committed to exchange information as from 2018. Under CRS, financial institutions resident in a CRS country will be required to report, according to a due diligence standard, financial information with respect to reportable accounts, which includes interest, dividends, account balance or value, income from certain insurance products, sales proceeds from financial assets and other income generated with respect to assets held in the account or payments made with respect to the account. Reportable accounts include accounts held by individuals and entities (which includes trusts and foundations) with fiscal residence in another CRS country. The standard includes a requirement to look through passive entities to report on the relevant controlling persons. Investors who are in any doubt as to their position should consult their professional advisers. Information Reporting Obligations Information relating to the Notes and Coupons, their holders and beneficial owners may be required to be provided to tax authorities in certain circumstances pursuant to domestic or international reporting and transparency regimes. This may include (but is not limited to) information relating to the value of the Notes and Coupons, amounts paid or credited with respect to the Notes and Coupons, details of the holders or beneficial owners of the Notes and Coupons, and information and documents in connection with transactions relating to the Notes and Coupons. In certain circumstances, the information obtained by a tax authority may be provided to tax authorities in other countries. Some jurisdictions operate a withholding system in place of, or in addition to, such provision of information requirements. Pursuant to the Base Conditions and subject to certain limitations, a holder or beneficial owner of Notes or ...
COMMON REPORTING STANDARD. Following recent international developments, the exchange of information will be governed by the broader Common Reporting Standard (CRS). On 7 August 2018, 103 jurisdictions had signed the multilateral competent authority agreement (MCAA), which is a multilateral framework agreement to automatically exchange financial and personal information, with the subsequent bilateral exchanges coming into effect between those signatories that file the subsequent notifications. About 100 jurisdictions have committed to exchange information as from 2018. Under CRS, financial institutions resident in a CRS country would be required to report, according to a due diligence standard, financial information with respect to reportable accounts, which includes interest, dividends, account balance or value, income from certain insurance products, sales proceeds from financial assets and other income generated with respect to assets held in the account or payments made with respect to the account. Reportable accounts include accounts held by individuals and entities (which includes trusts and foundations) with fiscal residence in another CRS country. The standard includes a requirement to look through passive entities to report on the relevant controlling persons. On 9 December 2014, EU Member States adopted Directive 2014/107/EU on administrative cooperation in direct taxation (DAC2), which provides for mandatory automatic exchange of financial information as foreseen in CRS. DAC2 amends the previous Directive on administrative cooperation in direct taxation, Directive 2011/16/EU. The Belgian government has implemented said Directive 2014/107/EU, respectively the Common Reporting Standard, per the Law of 16 December 2015 regarding the exchange of information on financial accounts by Belgian financial institutions and by the Belgian tax administration, in the context of an automatic exchange of information on an international level and for tax purposes. As a result of the Law of 16 December 2015, the mandatory exchange of information applies in Belgium (i) as of income year 2016 (first information exchange in 2017) towards the EU Member States, (ii) as of income year 2014 (first information exchange in 2016) towards the US and (iii), with respect to any other non-EU States that have signed the MCAA, as of the respective date determined by Royal Decree. In a Royal Decree of 14 June 2017 (as amended), it was determined that the automatic provision of information has to be provided...
COMMON REPORTING STANDARD. Under Common Reporting Standard (“CRS”) Regulations, we are obliged to collect certain information about the Financial Account Holder for the purposes of reporting. We have the right to provide such information to the local tax authorities and they may exchange these information with tax authorities of another jurisdiction(s) pursuant to intergovernmental agreements regarding the exchange of financial account information. Furthermore, we do not provide tax advice to our Clients, and therefore if you have any questions about determining your tax residence in any particular country, please contact your tax adviser or the local tax authority. In regards to the declaration of tax residency, please note that according to the requirements for the validity of self-certification of the standard for automatic exchange of Financial Account information in tax matter by the account holder. We may at any time be required under the provisions of Applicable Laws and Regulations, to provide information about you or your Tax position to any regulatory body or authority located within Cyprus or abroad. You hereby consent to the Company providing such information about you in these circumstances.
