Financial data exchange under the Common Reporting Standard (CRS)
Over a 100 countries have come to agreements on the automatic exchange of the financial data of persons and organisations under the Common Reporting Standard (CRS).
How does the CRS work?
The CRS provides that your financial institution must submit your financial data to us if you are, or your organisation is, not resident or established in the Netherlands for tax purposes. “Organisation” in this context refers to a private or public limited company, a general partnership, etc. Your data may also be provided because you have an interest in such an organisation.
We submit these data to the tax authorities of the country where you reside or where your organisation is established. The data are checked by the tax authorities of the country of residence or establishment. We are not involved in this process.
In turn, we will receive information from foreign financial institutions if you are resident or established in the Netherlands. This does not automatically mean that you will have to pay taxes in the Netherlands. We will first check your data.
Statement on your country of residence or establishment for tax purposes
If the country where you are resident or established for tax purposes has adopted the CRS, your financial institution must determine the country you are a tax subject of. Your financial institution will then provide you with a statement you will have to complete. This evidences your country of residence or establishment for tax purposes.
Which countries have adopted the CRS?
All Member States of the European Union have adopted the CRS, as have many countries outside of the EU. All participating countries are listed in this overview.
Do you wish to know more about the CRS?
More information on the CRS (Dutch) is available on our website for entrepreneurs.