Common Reporting Standard (CRS)
The Common Reporting Standard (CRS) is legislation developed in response to the G20 request and approved by the Organisation for Economic Co-operation and Development (OECD) Council. CRS is a global standard for the automatic exchange of financial account information. It requires financial institutions (FIs) to report accounts held directly or indirectly by foreign tax residents to their local tax authority and requires tax authorities to exchange the account information. The goal of CRS is to limit the opportunities for taxpayers to circumvent reporting.
As of November 2018, 108 jurisdictions, including the Netherlands, have signed a multilateral competent authority agreement to automatically exchange information pursuant to CRS. The majority of countries where ING has a presence have committed to CRS. The EU has made CRS mandatory for all its member states. The United States has not committed to CRS because it is already obliged to automatically exchange information under FATCA intergovernmental agreements.