Common Reporting Standard

The Common Reporting Standard (CRS) is an international effort to combat tax evasion. It requires financial institutions worldwide to identify, report, and share information about accounts held by non-residents. This means banks and financial firms send details about account owners to their local tax authorities, who then share this information with other countries’ tax agencies. The goal is to ensure that individuals and companies pay the correct taxes across borders, promoting transparency and fairness in the global financial system.