What is a CRS exchange? How can Ukraine find out about accounts abroad?
Discussed at the webinar with Yevhen Sarafanov, CEO and founder of LOCMAN ICS!
CRS (Common Reporting Standard) is an international standard developed by the Organization for Economic Cooperation and Development (OECD) for the automatic exchange of financial information between countries.
The main goal of CRS is to combat tax evasion and ensure transparency of financial assets. Banks and financial institutions are required to collect and report information about foreign clients’ accounts in their home countries, which then share this information with other participating countries.
To obtain a certificate of tax residency in another country and avoid double taxation, you should follow a few steps:
determine the country of residence, collect the necessary documents, contact the tax authority, fill out the necessary forms, obtain a certificate and submit it in the country where you plan to receive income.
We thank Yevhen for a lot of useful information!
Video from the webinar: https://youtu.be/yF-bSxbk-iY?si=cAqiarSfnbViK0cI
