Introduction
In 2014 the Organization for Economic Co-operation and Development (OECD) published the global standard for automatic exchange of financial account information in tax matters and the technical details for the implementation of the global standard. The Common Reporting Standard (CRS) applies within the EU Member States under the Directive 2014/107/EU (DAC 2) and among other countries that are members of the OECD on the basis of the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information.
Legal framework
The G20 finance ministers and central bank governors approved a specific series of measures for the new global standard for the automatic exchange of financial account information on tax matters in September 2014.
The measures aim at tax compliance to combat unreported and untaxed income.
Implementation of framework
The Greek reporting financial institutions must:
- Identify and collect relevant information regarding their customers having tax residency in countries that participate in the automatic exchange of information.
- Report this information to the competent Greek tax authority every year.
Information reported to the tax authority
The Greek tax authority exchanges with the tax authority of the country where the clients of Greek reporting financial institutions are tax residents certain data of their liable clients, such as:
- Full name / Corporate name
- Address
- Tax identification number (TIN)
- Account details and balance
- Interest, dividends and other gross amounts that have been paid/credited to the account
- Tax residence
To determine your tax residence for CRS purposes, we ask you to fill in special self-certification forms and submit them along with the necessary supporting documents:
- Self-certification form for individuals.
- Self-certification form for entities.
- Self-certification form for controlling persons.
Additional information about the CRS
Given that we cannot offer you tax advice, you can get more information on the CRS and the list of jurisdictions / countries that have signed the agreement on automatic exchange of financial account information from:
- The Organisation for Economic Co-operation and Development (OECD) - http://www.oecd.org/tax/automatic-exchange/about-automatic-exchange/
- The Greek Independent Authority for Public Revenue (IAPR) - https://www.aade.gr/epiheiriseis/themata-diethnoys-dioikitikis-synergasias
- Your tax advisor.
Implementation of the CRS
The CRS applies in the EU by virtue of the European Directive of Administrative Cooperation (DAC2) and in other OECD member countries that have signed the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information.
Greek reporting financial institutions must collect information, including, among others, the tax residency of their customers in compliance with:
- Law 4378/2016 on the adjustment of the Greek legislation, among others, to Directive 2014/107/EU as regards mandatory automatic exchange of information in the field of taxation and Directive 2015/2060/EU.
- Law 4428/2016 on ratification of the multilateral competent authority agreement on automatic exchange of financial account information.
Collection and processing of your personal data under the CRS
Any information we hold or collect based on your self-certification documents is transmitted to the competent tax authorities for the fulfillment of Viva Payments’ legal obligation, in accordance with the applicable legal framework on the CRS. For information on the processing of your personal data by Viva Payments in accordance with the EU Regulation 2016/679 (General Data Protection Regulation) you can refer to Viva Payments’ Privacy Policy.