fbpx
July 3, 2018

The Common Reporting Standards – “New global tax regulations for international entrepreneurs in 2018”

The Common Reporting Standards – “New global tax regulations for international entrepreneurs in 2018” It is common for governments to look for ways to increase their tax revenue and bring transparency into global finances. Since 2017 information between countries are exchanged internationally through Financial Institutions (FIs) with the aim of improving tax transparency and reducing tax evasion. This is done through the Common Reporting Standard (CRS) in which more than 90 countries have signed up to since 2018. What is the Common Reporting Standard? The international standard sets the rules for the automated exchange of bank account information that corporate providers, banks and insurance firms must comply by and report to the relevant tax authority regarding non-residents and their financial activities. What type of information will […]