COMMON REPORTING STANDARD (CRS)
WHAT is AEOI?
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A system that involves the transmission of financial account information from involved countries (e.g. HK, SG, BVI, Cayman) to an overseas tax jurisdiction that has come into the AEOI Agreement.
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Financial Information only relates to the tax residents of the jurisdiction of AEOI partners.
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Malaysia first exchange on 31st July 2018
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WHY AEOI?
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Enhance tax transparency
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To exchange the information for tax purposes which can enhance tax transparency and combat cross-border tax evasion.
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Combat cross border tax evasion
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What is Common Reporting Standard (CRS)?
It refers to the Standard of Automatic Exchanged of Financial Account Information issued by OECD (Organisation for Economic Co-operation and Development) Council in 2014 to ensure the consistency in exchange of financial account information
Who will be affected by CRS?
Individual or company with no Tax ID who has:
• a custodial account
• depository account
• any cash value insurance contract and any annuity contract
• any equity interest or debt interest in the financial institution
What do you need to do with CRS?
If you are concerned about the CRS, the sharing of information with tax authorities, have gains or income that you have not declared, or simply want peace of mind that everything complies with legal, we can help you. We can assist you in identify all of the accounts and information to be reported under each regime. After all carrying out regular analyses to ensure that applicants are up to date with any regulatory changes, providing a cost-effective solution.
Assessment
Whether AEOI has an impact on
you/ your business
Discussion
With us if necessary and
come out an effective solution
Planning
ahead of the
company structure
Questions about Common Reporting Standard (CRS?
No worry! Get a free consultation from us now!
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