CRS (Common Reporting Standard)

The Common Reporting Standard (CRS) is an international initiative developed by the OECD to promote transparency in financial dealings across countries. It requires financial institutions to identify and report information about account holders who are residents of other participating nations. This helps governments detect and prevent tax evasion by ensuring that individuals and entities disclose their worldwide income and assets. In practice, CRS facilitates the automatic sharing of financial account data among countries, creating a global network that supports tax compliance without burdening legitimate taxpayers.