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A V o l u m e 2 6 I s s u e 4 F e b r u an r y 2 0 1 5 Index From our Presidents desk to yours pg 2 & 3 Past Pres Posits pg 4 Treasurer Totals pg 4 Memberships pg 4 District Details' pg 5 Day at the
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C R E A stands for Common Reporting Standard (CRS) and Common External Reporting Standard (CERS) and is an international standard for the automatic exchange of financial account information.
Financial institutions are required to file C R E A to report financial account information of their customers.
C R E A can be filled out electronically through the designated tax authority's online portal.
The purpose of C R E A is to combat tax evasion and improve tax compliance by allowing countries to exchange financial account information.
C R E A requires reporting on financial account information such as account balance, interest, dividends, and proceeds from the sale of financial assets.
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