Common Reporting Standard
The Common Reporting Standard (CRS) is an international framework for the automatic exchange of tax information.
What is the CRS?
- The Common Reporting Standard (CRS) is an international framework for the automatic exchange of tax information between countries around the world developed by the OECD.
- All financial institutions will report clients' account details to the local tax authority, which will then exchange the information with the relevant jurisdictions.
- There are more than 90 countries that have currently signed up to CRS, including Norway, Sweden, Denmark, the UK and the Netherlands.
- Norway has committed to implementing CRS as an 'early adopter' with the new regime coming into force on 1 January 2016 and the first batch of reporting was done in 2017.
What legal framework for CRS is in place in Norway?
- The CRS requirements have been incorporated into the relevant tax law and regulations on third party disclosure requirements.
Read the CRS requirements (in Norwegian)
Read the respective guidance (in Norwegian - 18. desember 2015 nr. 1779)
- The Norwegian government's electronic collection of law and regulation (Lovdata) has incorporated the changes in tax law and the regulations on third party disclosure. Find the information on Lovdata's webpage (in Norwegian).
How does this affect SKAGEN's clients?
Onboarding for new accounts
- As of 1 January 2016, SKAGEN has implemented new account opening procedures.
- All new SKAGEN clients - both retail and professional - has to fill in a self declaration form which will contain all relevant details for the reporting, including tax residence information.
- For existing clients SKAGEN may be required to perform certain due diligence procedures to determine if the accounts are reportable accounts.
- SKAGEN may contact clients for additional information if relevant.
What kind of reporting will SKAGEN provide?
According to Norwegian law, SKAGEN has to report some of its client's accounts.
The reporting contains:
- Name, address, date of birth, foreign ID
- Account number(s) and account balance
- In the case of an institution: the name, address, tax residency and identifying number of the Reporting Financial Institution
- Financial Institution or Non Financial Institution
Whom in SKAGEN can I contact with my questions?
- SKAGEN has a dedicated CRS team to ensure the correct implementation of the regulations.
- All questions should be directed to the following email address: firstname.lastname@example.org
What is the difference between FATCA and CRS?
- FATCA requires the identification of US citizens or residents; CRS requires financial institutions to identify the residency of all their reportable customers.
- CRS is based on tax residency while FATCA is based on nationality and the broad concept of "Specified US Persons".
Where can I find more information about CRS?
Find a dedicated website for the international reporting (in Norwegian) for FATCA and CRS by the Norwegian Tax Authorities.