Demystifying CRS For The Global Automatic Exchange of Financial Account Information

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The Common Reporting Standards (CRS) was developed by Organization for Economic Cooperation and Development (OECD) members to help combat tax avoidance and enhance tax compliance. For decades, previous efforts that were adopted by countries proved highly ineffective as tax evaders crafted better tricks to circumvent the law and avoid paying taxes.  Read More

What CRS Hong Kong Framework Means for Banking Clients ?

The Common Reporting Standards of 2014 were passed by OECD members during the Convention on Mutual Administrative Assistance in Tax Matters. The previous frameworks had failed, and the impacts of tax evasion were becoming too apparent. Even non-OECD members such as Hong Kong expressed their support and committed to it. In Hong Kong, implementation had to await an appropriate legislation to operationalize CRS and guide the entire process. Read More