• Facebook
  • Instagram
  • Twitter
  • LinkedIn
  • 英語
AsiaBC 香港 新加坡: 公司註册. 銀行開戶. 稅務優化
  • 專業服務
    • 成立公司
    • 銀行開戶
      • 香港銀行開戶
        (保證成功US$5,500起)
      • 香港外幣商業戶口
        (遙距網上開戶)
    • 商務中心
      • 法定秘書
      • 虛擬辦公室及注册地址
    • 稅務
      • 4合1 香港公司會計&稅務服務
      • 稅務代表
    • 其他
      • 移居新加坡
      • 拉脫維亞商業投資居留計劃 (移居歐盟)
      • 香港工作入境簽證
      • 更多…
  • 關於我們
    • 關於我們
    • 信託或公司服務提供者
    • AsiaBC 團隊
    • 客戶感言
      • Albert Pestana 的故事
  • 初創實用網誌
  • 聯絡我們
  • Search
  • Menu Menu
You are here: Home1 / 文章2 / Bank & FinTech Account Opening3 / HK’s CRS: a Step Forward to Fight Global Tax Evasion
Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax])

HK’s CRS: a Step Forward to Fight Global Tax Evasion

2017-01-13/in Bank & FinTech Account Opening /by Editor and Admin AsiaBC Hong Kong

To fight against tax evasion, more governments are bringing a new measure of information-gathering and reporting for financial institutions. This is also known as the Common Reporting Standard (“the CRS”). Hong Kong, as a famous international financial centre, have been participating in the CRS since 1st January 2017, and committed to first exchange in 2018. We think you are supposed to understand what it means for you.

What is CRS?

The Common Reporting Standard (the CRS) is a worldwide information-gathering and reporting requirement for financial institutions (FI) in the CRS participating jurisdictions/countries, to help fight against tax evasion and protect the integrity of tax systems.

Under the CRS, the FI in countries participating in the CRS are required to seek, identify and determine tax resideny of their customers, and the tax residency status of their customers are report-able to the local tax authorities. The tax authorities in countries participating in the CRS begin automatic exchange of information for tax purposes.

In general, your tax residency will usually be where you are liable to pay income or corporate taxes. For a customer who appear to be a tax resident outside of the countries where he holds his account(s) in the FI, the FI will have certain information reported to the tax authorities where the account is, then the authorities may share this information with the tax authority of the country (or countries) where you are tax resident automatically.

Related information can be found in Automatic Exchange Portal of OECD:

  • Common Reporting Standard (CRS)
  • Automatic Exchange of Information

Who are doing the CRS?

All financial institutions (FI) – that includes banks, insurers and asset management businesses – in participating countries are required by tax authorities to be compliant with the CRS. FI are legally required to establish the tax residency status of all thir customers. FI are required to report your tax details under the legal obligations introduced by countries participating in the CRS.

Why does customers’ tax residency matter to FI?

Under the CRS, the tax authorities require the FI to collect and report certain information relating to their customers’ tax statuses.

For banks, they will ask you to certify a number of details about yourself, when you open a new bank account, invest in new financial products or change your circumstances in some way. This process is called “self-certification”.

The self-certification processes vary depend on the factors as follows:

  • the type of account or product you hold with FI
  • where you bank with
  • where you live or operate as a business

What kind of customers are affected?

In general, the CRS affects all customers of FI, whether you are an individual customer, a corporation, or a controlling person of business which has any business relationship with the FI, the CRS may affect you.

Usually, FI have prepared 3 type of CRS self-certification form for separate group of customers based on the type of accounts the customers are holding with FI. These groups are namely:

  • Individuals:
    Under the CRS, an individual is a customer that holds a personal account or product with FI, this also includes Sole Traders (Known as Sole Proprietor in some countires) which is a type of business entity owned and run by one individual and where there is no legal distinction between the owner and the business.
  • Entities:
    Under the CRS, an entity is a legal person or a legal arrangement, such as a corporation, organisation, partnership, trust or foundation. For banks, Entity includes any customer that holds a business account, product or service.
  • Controlling Persons:
    The term Contolling Person means the natural person(s) who exercises a controlling interest over the Entity under the CRS.
    For an entity, the Controlling Person(s) who can exercise controlling interest depend on the legal structure of the entity. For example, the Controlling Person(s) of limited companies include the beneficial owners* or if no such person exits, then by any natural person(s) that exercises control over management of the company such as senior managing staff of this.

Remark * : The definition of beneficial owners varies according to law and practice of countries, generally any natural person that holds directly or indirectly more than 25 percent of the shares or voting rights of the company is regarded as a beneficial owner.

Under the CRS, even if you are tax resident in the same country as where you hold your account. However, typically your details will not be report-able to the tax authorities for CRS purposes.

What customers’ information is the FI required to ask and verify for their tax residency status?

For the identification of tax residency, FI will require the customers to complete the required self-certification form:

  • Personal particulars:
    • Name
    • Address
    • Personal identification number*
    • Passport number*
    • Place of birth*
    • Date of birth*
    • Country(ies) of tax residence
    • Taxpayer identification number(s) (TIN)*
    • Social security number*
    • National insurance number*
  • Business details:
    • Taxpayer identification number(s) (TIN)*
    • Business registration number
    • Place of registration/incorporation
    • Controlling Person particulars (for Controlling Persons of certain type of the Entities)

Remark(s) * this does not apply in all participating countries and is subject to local law requirements.

How often will I need to provide this information?

Once we have a valid self-certification on file, you will only be asked to complete another when you update certain information on your account or we believe your report-able status may have changed.

Why are FI you asking customers for supporting documents?

FI are required by law to verify the details you have provided as part of your self-certification. FI might ask you for a copy of your passport to verify your identity or for some other evidence of your tax residency declared in your self-certification.

What customers’ information are report-able to tax authorities?

The information reported to tax authorities will have been provided in the self-certification form, and details about the accounts and products you have with us, including:

  • the balance or value
  • the total amounts of interest or payments credited

Which countries are participating in the CRS?

For a complete and updated list of countries participating in the CRS, please see the OECD CRS portal – CRS implementation by jurisdiction.

The participating countries/jurisdictions (updated on 1st January 2017) are as follows:

  • Argentina
  • Belgium
  • Bermuda
  • British Virgin Islands
  • Cayman Islands
  • Czech Republic
  • France
  • Germany
  • Greece
  • Guernsey
  • India
  • Ireland
  • Isle of Man
  • Italy
  • Jersey
  • Luxembourg
  • Malta
  • Mexico
  • Netherlands
  • Poland
  • South Africa
  • South Korea
  • Spain
  • Sweden
  • United Kingdom
  • Australia
  • Bahamas
  • Bahrain
  • Brazil
  • Brunei Darussalam
  • Canada
  • Chile
  • China
  • Cook Islands
  • Hong Kong (China)
  • Indonesia
  • Israel
  • Japan
  • Kuwait
  • Lebanon
  • Macau (China)
  • Malaysia
  • Mauritius
  • Monaco
  • New Zealand
  • Panama
  • Qatar
  • Russia
  • Saudi Arabia
  • Singapore
  • Switzerland
  • Turkey
  • United Arab Emirates
  • Uruguay

Additional information:

Where can I find further information and advice?

For further information on your tax residency, you should refer to the rules governing tax residence that have been published by each national tax authority. You may refer to OECD CRS web portal.

You can also find out more at the OECD Automatic Exchange of Information portal.

The information I have been asked for on the forms is similar to the information I have been asked for under FATCA. Why is this different?

Even if you have already provided information under the United States government’s Foreign Account Tax Compliance Act (FATCA), you may still need to provide additional information for the CRS as these are different regulations with different requirements.

FATCA is US Law and requires financial institutions to identify US Persons and report in line with local FATCA regulations, based on citizenship. The CRS requires financial institutions to identify the tax residency of all our customers and in most cases report information on customers who are tax resident outside of the country where they hold their accounts.

Hong Kong and US has signed tax information agreement since 2014.

Reference: FATCA

Tags: Common Reporting Standard, CRS, FATCA, offshore income tax income, Tax Haven
https://asiabc.com.hk/wp-content/uploads/Blog-Banner-HKs-CRS.png 500 1110 Editor and Admin AsiaBC Hong Kong http://asiabc.com.hk/wp-content/uploads/2021_AsiaBC_Logo_Horizontal_200x70.png Editor and Admin AsiaBC Hong Kong2017-01-13 18:45:142023-09-18 13:28:30HK’s CRS: a Step Forward to Fight Global Tax Evasion

文章分類

  • 沒有分類

文章回顧

  • 2025 年 4 月 (1)
  • 2025 年 3 月 (1)
  • 2025 年 2 月 (1)
  • 2025 年 1 月 (1)
  • 2024 年 12 月 (2)
  • 2024 年 11 月 (2)
  • 2024 年 10 月 (1)
  • 2024 年 9 月 (1)
  • 2024 年 8 月 (1)
  • 2024 年 7 月 (2)
  • 2024 年 6 月 (1)
  • 2024 年 5 月 (1)
  • 2024 年 4 月 (2)
  • 2024 年 3 月 (1)
  • 2024 年 2 月 (2)
  • 2024 年 1 月 (1)
  • 2023 年 11 月 (1)
  • 2023 年 10 月 (1)
  • 2023 年 9 月 (1)
  • 2023 年 8 月 (1)
  • 2023 年 7 月 (1)
  • 2023 年 6 月 (1)
  • 2023 年 5 月 (1)
  • 2023 年 4 月 (1)
  • 2023 年 3 月 (1)
  • 2023 年 2 月 (1)
  • 2022 年 8 月 (1)
  • 2022 年 7 月 (3)
  • 2022 年 6 月 (1)
  • 2022 年 5 月 (1)
  • 2022 年 4 月 (1)
  • 2021 年 8 月 (2)
  • 2021 年 5 月 (1)
  • 2021 年 3 月 (1)
  • 2020 年 11 月 (1)
  • 2020 年 8 月 (2)
  • 2020 年 7 月 (1)
  • 2020 年 6 月 (2)
  • 2020 年 5 月 (3)
  • 2020 年 4 月 (5)
  • 2020 年 3 月 (5)
  • 2020 年 2 月 (5)
  • 2020 年 1 月 (2)
  • 2019 年 12 月 (1)
  • 2019 年 9 月 (1)
  • 2019 年 8 月 (4)
  • 2019 年 7 月 (3)
  • 2019 年 6 月 (2)
  • 2019 年 5 月 (4)
  • 2019 年 4 月 (1)
  • 2019 年 3 月 (1)
  • 2019 年 1 月 (1)
  • 2018 年 6 月 (1)
  • 2018 年 5 月 (2)
  • 2017 年 12 月 (2)
  • 2017 年 11 月 (3)
  • 2017 年 10 月 (2)
  • 2017 年 9 月 (2)
  • 2017 年 8 月 (3)
  • 2017 年 7 月 (3)
  • 2017 年 6 月 (2)
  • 2017 年 4 月 (3)
  • 2017 年 3 月 (1)
  • 2017 年 1 月 (1)
  • 2016 年 10 月 (1)
  • 2016 年 4 月 (2)
  • 2015 年 8 月 (1)
  • 2015 年 7 月 (3)
  • 2015 年 6 月 (7)
  • 2015 年 5 月 (4)
  • 2015 年 4 月 (2)
  • 2015 年 3 月 (3)

香港有限公司︰註冊及成立服務

  • 香港法定公司秘書服務
  • 香港註册辦事處地址服務

新加坡有限公司︰註冊及成立服務

離岸及海外有限公司︰註冊及成立服務

新加坡銀行︰國際戶口開戶服務

香港銀行︰國際戶口開戶服務

  • 「保證成功」香港銀行商業戶口開戶計劃(US$5,500起)

香港稅務會計服務

  • 香港稅務代表服務

新加坡入境居留移民顧問服務

  • 為營商人士及其家人取得新加坡永久居留身分及公民資格

我們接受以下付款方式

AsiaBC: We accept payment by visa, mastercard, alipay, paypal, bitcoin, Ethereum
此網站由reCAPTCHA提供保護。如使用此網站,即代表同意Google條款和私隱政策。

Notice: Undefined variable: kriesi_at_backlink in /var/www/vhost/asiabc.co/web/wp-content/themes/enfold/footer.php on line 220
© Copyright - Asia Business Centre (Holdings) Limited | TCSP Licensee: TC001346
  • Facebook
  • Instagram
  • Twitter
  • LinkedIn
  • 免責聲明
  • 隐私政策
  • 交易條款及條件
  • 網站地圖(Sitemap)
  • 關於我們
  • 聯絡我們
Foreigners’ Business Structure for China Sourcing Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax]) Gateway to China for Global Trading: HK
Scroll to top
  •  

  •  

  •  

  •  

Don`t copy text!
Hey, this is Lily!Use WeChat to scan this code
& ask us any questions.