Common Reporting Standard (CRS) definition

Common Reporting Standard (CRS) means the Standard for Automatic Exchange of Financial Account Information (“AEOFAI”) in Tax Matters and was developed in response to the G20 request and approved by the Organisation for Economic Co-operation and Development (OECD) Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
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Common Reporting Standard (CRS) means an information standard for the automatic exchange of tax and financial information on a global level, which the Organization for Economic Co-operation and Development (OECD) developed in 2014. Its purpose is to combat tax evasion.
Sample 1Sample 2Sample 3
Common Reporting Standard (CRS) means an information standard for the automatic exchange of tax and financial information on a global level, which the Organisation for Economic Co- operation and Development (OECD) developed in 2014. Its purpose is to combat tax evasion.
Sample 1Sample 2Sample 3

Examples of Common Reporting Standard (CRS) in a sentence

  • Invesco Asset Management (India) Private Limited (AMC) is required to collect certain information as declaration from the investors in order to comply with the requirement of Foreign Account Tax Compliance Act provisions (commonly known as FATCA) as contained in the US Hire Act 2010 and Common Reporting Standard (CRS) on Automatic Exchange of Information (AEOI).

  • In most cases the information that you provide in this form will satisfy the AML/CTF Act, the US Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS).

  • The G20 and OECD countries have together developed a Common Reporting Standard (CRS) on Automatic Exchange of Information (AEOI).

  • CRSThe OECD Common Reporting Standard (CRS) which has been adopted in the UK by The International Tax Compliance Regulations 2015.

  • The Common Reporting Standard (CRS) is the reporting standard approved and developed by the Organisation of Economic Co-operation and Development (OECD) in 2014, and came into force with effect from 1st January 2016.

  • Details under Foreign Account Tax Compliance provisions (commonly known as FATCA) / Foreign Tax Laws and Common Reporting Standard (CRS) FATCA is United States (US) Federal Law, aimed at prevention of tax evasion by US citizens and residents (“US persons” as defined in the applicable extant laws of the United States of America) through use of offshore accounts.

  • Common Reporting Standard (CRS) – The New Global Standard for Automatic Exchange of Information On similar lines as FATCA, the Organisation of Economic Development (OECD), along with the G20 countries, of which India is a member, has released a “Standard for Automatic Exchange of Financial Account Information in Tax Matters”, in order to combat the problem of offshore tax evasion and avoidance and stashing of unaccounted money abroad, requiring cooperation amongst tax authorities.

  • The Common Reporting Standard (CRS) framework was first released by the OECD in February 2014.

  • Investors / Unitholders should consult their own tax advisors regarding FATCA requirements with respect to their own situation.In terms of regulatory requirements with respect to FATCA/ Common Reporting Standard (CRS) under Income tax Act read with SEBI Circular nos.

  • As from that date, Common Reporting Standard ("CRS"), as described below, will apply in most of EU member states, including Luxembourg.


More Definitions of Common Reporting Standard (CRS)

Common Reporting Standard (CRS) means the common standard on reporting and due diligence for financial account information of the Organisation for Economic Co-operation and Development (OECD); AS 2016 1297
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Common Reporting Standard (CRS) means the Standard for Automatic Exchange of Financial Account Information (“AEOFAI”) in Tax Matters and was developed in response to the G20 request and
Sample 1Sample 2Sample 3

Related to Common Reporting Standard (CRS)

  • Financial Reporting Measure means any measure determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and any measures derived wholly or in part from such measures, including GAAP, IFRS and non-GAAP/IFRS financial measures, as well as stock or share price and total equityholder return.

  • Applicable Accounting Standards means Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under United States federal securities laws from time to time.

  • auditing standards means auditing standards as defined in National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards;

  • Generally accepted auditing standards means the auditing standards prescribed by the accounting examining board under s. Accy 1.202.

  • Accounting Standards means the standards of accounting or any addendum thereto for companies or class of companies referred to in section 133;