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Common Reporting Standard (CRS) FAQs 2017 Individuals1. What is Common Reporting Standard (CRS)? To help fight against tax evasion and protect the integrity of tax systems a new information gathering
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Common reporting is the process of sharing financial information with tax authorities to ensure compliance with tax laws.
Financial institutions and taxpayers with foreign financial accounts are required to file common reporting.
Common reporting can be filled out online through designated tax authority portals or through paper forms provided by the tax authority.
The purpose of common reporting is to prevent tax evasion and ensure that taxpayers accurately report their financial information.
Information such as account balances, interest income, dividends, and capital gains must be reported on common reporting forms.
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