Guidelines on Common Reporting Standards (CRS) Self-Certification

What is CRS

(Common Reporting Standards)

Common Reporting Standards (CRS) has been introduced by the Organization for Economic Co-operation and Development (OECD) to enhance cross-border tax compliance and to combat tax evasion. It is a global standard for the Automatic Exchange Of Financial Information (AEOI) for tax purposes between participating jurisdictions that have agreed to adopt it. It calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers. CRS compliance is mandatory under the Laws and regulations of the State of Qatar.

The impact of CRS on CB customers

To comply with the CRS requirements, customers are obliged to complete and sign the CRS Self-Certification form indicating the tax residence jurisdictions, TIN or its functional equivalent and reason if TIN is not available at the time of account opening and in case of any change in the tax residency information.

On yearly basis and based on the commitment with the participating jurisdictions we report the relevant information that are mandated under the AEOI standards to the General Tax Authority in the State of Qatar.

The Local Tax Authorities will then exchange this data with the tax authorities of the relevant reportable jurisdictions that have signed AEOI agreements.

The customer holds full responsibility of providing correct, true and accurate information and the customer should notify the bank in the event of any change in such information.

Customers that are identified as reportable persons, i.e., tax residents of reportable jurisdictions, will be subject to CRS reporting.

For more information on tax residence, please consult your professional tax advisor or review the OECD CRS regulations on the following link.

What information will be reported to the Local Tax Authorities?

The information reported to the Local Tax Authority (GTA) shall include account holder’s information such as:

• Name
• Address
• Date of Birth
• Place of Birth
• Jurisdiction of tax residence
• Taxpayer Identification Number (TIN) or Functional equivalent (Passport number, National ID number, etc.)
• Account number
• Account balance/Value and certain income, etc.

The Local Tax Authorities will then exchange this data with the tax authorities of the relevant reportable jurisdictions that have signed AEOI agreements.

Note

If your account information changes or where any information provided by you in the FATCA / CRS self-certification form becomes incorrect or invalid you are required to provide us with additional information / documentation to update your records with us. Under this requirement, you, as an account holder, must inform the Bank within 30 days of any such change in circumstances and complete a fresh FATCA / CRS self-certification form by logging into any of the available digital banking channels; RIB, MIB and CIB.