Common Reporting Standard (CRS)
The Common Reporting Standard (CRS) calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. Jurisdictions from around the world participate in the multilateral Convention on Mutual Administrative Assistance in Tax Matters.

The first reporting due date for Hong Kong financial institutions (FIs), which include banks, custodians, asset management firms, intermediaries, certain collective insurance companies and more, was in 2018. Since then, various questions around the implementation of the CRS have been raised to The Hong Kong Inland Revenue Department (IRD). For example, Hong Kong tax residency and multiple tax residency, implications of identification of tax payers’ nationalities and its impact of residency determination, penalty provisions for individual account holders, self-certification obtained in a format other than paper and reporting obligations of multi-resident reporting FIs.

To know more about the possible impact Common Reporting Standard has on you and your business, and to have your situation properly assessed, please contact us for more details.