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What's Common Reporting Standard (CRS)?

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What is CRS?

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In 2014, the US government pledged all banks around the world to pass the identity of Americans living abroad among their customers to the US tax authorities. With the CRS (Common Reporting Standard) or AEOI (Automatic Exchange of Information). Other countries introduced a standard by January 2016 in order to avoid tax evasion and create tax transparency.

00:00 Intro
00:24 American tax law
00:47 Collecting taxes from US citizens
00:56 Tax dodgers and accidental evaders
01:27 More tax transparency worldwide
01:38 How participating countries collaborate
02:26 Receiving information about foreign accounts
02:42 Not many changes for citizens



Read more here: https://www.hypovereinsbank.de/hvb/unternehmen/konto-zahlungsverkehr/geschaeftskonto/fatca-crs-en

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