Dear Valued Clients,
Lead by the OECD, governments worldwide are establishing a new system, Common Reporting Standard (CRS), to combat tax evasion and protect the integrity of the tax systems. So far, more than 100 jurisdictions have declared their commitment to implement CRS. These jurisdictions include Hong Kong, Singapore, Switzerland, and Vanuatu.
Similar to FATCA, which requires reporting foreign bank account details of US persons; the essence of CRS is to share foreign bank account details with the tax authorities of the tax residence country of Reportable Persons or Entities. In Vanuatu, the legislation has already been drafted, and preparations are being made to start the exchange by September 2018.
At this stage, you do not have to take any actions. We will be reaching out to those clients affected individually in due course to complete a “Tax Residency self-certification form.”
Please feel free to contact us if you have any additional questions.
You can find out more about CRS at http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/.
Pacific Private Bank Team
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