Crs full form: The Common Reporting Standard

The Common Reporting Standard ( CRS ) is an information standard for the Automatic Exchange Of Information (AEOI) regarding financial accounts on a global level, between tax authorities, which the Organisation for Economic Co-operation and Development (OECD) developed in 2014. Its purpose is to combat tax evasion. The idea was based on the US Foreign Account Tax Compliance Act (FATCA) implementation agreements and its legal basis is the Convention on Mutual Administrative Assistance in Tax ... This web page provides guidance to Financial Institutions, Regulators and Income Tax Department of India for compliance with FATCA and CRS reporting requirements. FATCA stands for Foreign Account Tax Compliance Act and CRS stands for Common Reporting Standard on Automatic Exchange of Information. Are you looking for the meanings of CRS ? On the following image, you can see major definitions of CRS . If you want, you can also download image file to print, or you can share it with your friend via Facebook, Twitter, Pinterest, Google, etc. To see all meanings of CRS , please scroll down. The full list of definitions is shown in the table below in alphabetical order. FATCA – the Foreign Account Tax Compliance Act – is a US law that forces non-US banks to provide the IRS with information about their US customers, whereas CRS – the Common Reporting Standard – is a global reporting standard that allows tax authorities from multiple countries to access information about their citizens’ finances. Although both FATCA and CRS are information sharing standards used by governments to track citizens’ use of offshore banks, CRS casts a wider net that ...