CRS Reporting Obligations: Tax Identification Numbers (TINs)
| Metadata |
Description |
| File Name |
CRS-reporting-obligations-TINs.pdf |
| Category |
Reports & Lists |
| Page Count |
3 pages |
| File Size |
140.47 KB |
| Source Document |
View / Download PDF |
Document Overview
An explanatory note clarifying the mandatory reporting of Tax Identification Numbers (TINs) under the Common Reporting Standard.
Key Takeaways
- Requires the collection and reporting of TINs for all Reportable Persons (Account Holders and Controlling Persons).
- Confirms that a self-certification is invalid without a TIN, unless the jurisdiction of residence does not issue TINs.
- Mandates FIs to perform reasonable efforts to obtain TINs for Pre-existing Accounts annually if missing.
Key Concepts Covered
Deadlines & Timelines Mentioned
- New Accounts (Financial Accounts maintained by a Reporting Financial Institution opened on or after 1 January 2016) The CRS requires reporting of the TIN, or functional equivalent, for all New Accounts, as the TIN must be collected upon account opening in the self-certification.
- Pre-existing Accounts (Financial Accounts maintained by a Reporting Financial Institution as of 31 December 2015) For Pre -existing Accounts, the CRS requires reporting of the TIN , or functional equivalent , in all cases where it is in the records of the Reporting Financial Institution.
