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on 28 August, 2017

Overview on Common Reporting Standard (CRS) – Frequently Asked Questions

  1. What is Common Reporting Standard (CRS)?
    CRS is an information gathering and reporting requirement for financial institutions in participating countries, to help fight against tax evasion and protect the integrity of tax systems.
  3. Who is reportable?

    CRS seeks to establish the tax residency of customers. Under the CRS, financial institutions are required to identify customers who appear to be tax resident outside of the country where they hold their accounts and products, and report certain information to our local tax authority. They may then share that information with the tax authority where you are tax resident.

    Under the CRS, Malaysian Financial Institutions (MYFI) are required to collect and report to Inland Revenue Board of Malaysia (IRBM), financial account information on non-residents. IRBM will exchange this information with the participating foreign tax authorities of those non-residents.

  5. What does this mean for as-Salihin Trustee Berhad?
    Under CRS, as-Salihin Trustee Berhad (as-Salihin) are required to collect and report on customers’ tax information. To do so, we will ask our customer to complete a CRS Self-Certification Form. If you are a tax resident outside Malaysia, we have to report your information to IRBM.
  7. What information will you ask customers to provide?
    You may refer to the CRS Self-Certification Form. We will ask from our customer the followings information:
    Individual Entity Controlling Person*
    1) Name
    2) NRIC No./Passport No.
    3) Passport Expiry Date
    4) Date of Birth
    5) Place of Birth
    6) Residential Address/Mailing Address
    7) Country(ies) of tax residency
    8) Taxpayer Identification Number(s)
    1) Name
    2) Address
    3) Country of tax residency
    4) Taxpayers Identification Number
    5) Place of registration
    6) Entity type
    1) Name
    2) NRIC No./Passport No.
    3) Passport Expiry Date
    4) Date of Birth
    5) Place of Birth
    6) Residential Address/Mailing Address
    7) Country(ies) of tax residency
    8) Taxpayer Identification Number(s)

    *Controlling Person refers to natural person who ultimately owns or controls an entity. It’s also includes those natural persons who exercise ultimate effective control over a legal person or arrangement.

  9. How is my tax residency defined?
    as-Salihin are not allowed to give tax advice. Generally, it is to determine which country you are responsible to pay tax based on your income. Please contact a professional tax advisor or check the OECD CRS Portal for more information on how to determine your tax residency.
  11. Why is as-Salihin providing tax authorities with my tax details?
    as-Salihin is required to report your tax details under the legal obligations introduced by countries participating in CRS.
  13. Why do I need to declare when I live and pay tax here in Malaysia?
    Under CRS, as-salihin are legally required to establish the tax residency of all our customers, even if you are a tax resident of Malaysia. As a general rule, your details will not be reportable to tax authorities for CRS purposes if Malaysia is your only tax residency.
  15. I have previously provided information under the Foreign Account tax Compliance Act (FATCA). Why is as-Salihin asking me to provide more information under CRS? CRS and FATCA are different tax regulations. as-Salihin is obligated to comply with both regulations.
  17. What are the impacts on me if I do not provide the information and/or documents requested?
    as-Salihin is committed to be fully compliant with CRS. as-Salihin may need to report certain information to the regulatory authorities (IRBM) about customers who do not provide required information and/or documentation.
  19. What should I do if there is any change in my Tax Residency status?

    You shall notify as-Salihin in writing within thirty (30) days of any change that affects your tax status in relation to CRS.

    You have ninety (90) days to response on additional document/information related to CRS as required by as-Salihin.

    We would like to seek your utmost cooperation by providing us your information and/or documentation for CRS purposes should it be required. It is important that you respond to all requests in a timely manner.

    If you are impacted by CRS in any way, kindly contact your professional tax adviser or refer to the OECD CRS Portal, as as-Salihin cannot offer professional tax advice. Thank you for your understanding and continuous support.

Read 3970 times Last modified on Wednesday, 13 September 2017 09:14