According to the Common Reporting Standard (CRS), Trustcom, as a financial institution, is required to provide information to the tax authorities of the European Union about the accounts of users who are tax resident in another country.
The CRS has been implemented by the OECD and regulates the ways in which the automatic exchange of tax information (AEOI) must take place. The purpose of the CRS is to allow tax authorities to have a clear understanding of the financial resources of residents deposited abroad in order to be able to combat tax evasion. Over 90 countries have joined the initiative to share information on financial resources and income of residents in accordance with the CRS.
To determine if an account needs to be reported to the tax authorities to fulfil the purposes of the CRS, we need the following information:
As a rule, you are subject to tax in the country where you reside and the taxes are calculated on all income received. If you reside in more than one country, there are usually bilateral agreements between countries that help determine which country you need to pay taxes in. It may happen that you are subject to taxes in more than one country during the year. In this case, it is necessary to provide all relevant information (tax residence and related tax identification number) to the tax authorities.
Tax identification number (TIN)
The issue and format of the tax identification number (TIN) vary by country. The European Commission offers clear indications on the TIN to be reported.