- What is the Common Reporting Standard (CRS)?
The Organisation for Economic Co-operation and Development (OECD) introduced CRS in order to improve cross-border tax compliance and to combat tax evasion. CRS is a global standard for the automatic exchange of financial information (AEOI) between participating jurisdictions that have agreed to adopt it. Compliance is mandatory under local law in each participating jurisdiction, including Hong Kong (HK). As a responsible international citizen and a leading financial centre, HK has committed to implementing AEOI and commencing the first information exchanges by end of 2018.
- Why are you asking me for my jurisdiction(s) of tax residence?
As part of the Bank’s legal obligations under the Inland Revenue (Amendment) (No. 3) Ordinance 2016 (“the Amendment Ordinance”) in HK which came into effect on 30 June 2016, we are required to collect certain tax information to establish the country/ies of tax residence of our account holders. The Bank may be further obliged to report, on an annual basis, information regarding financial accounts held by our account holders who are tax residents in other reportable jurisdictions, to the local tax authorities where these financial accounts are maintained.
Completing the CRS Self Certification form will ensure that we hold accurate and up to date information about your country of tax residence.
If your circumstances change and any of the information provided in this form becomes incorrect, please let us know immediately and provide an updated Self Certification form.