Introduction
The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, 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 covered, as well as common due diligence procedures to be followed by financial institutions. The Common Reporting Standard (CRS) also applies in the European Union under the Council Directive 2014/107/EU amending Directive 2011/16/EU regarding mandatory automatic exchange of information in the field of taxation.
Implementation of framework
The financial institutions must:
- Identify and collect relevant information regarding their customers’ tax residency status
- Report this information to the competent Irish tax authority every year.
Information reported to the tax authority
The Irish tax authority exchanges the information collected from the financial institutions with the tax authority where the clients are tax residents. This information includes:
- Full name / Corporate name
- Address
- Tax identification number (TIN)
- Account details and balance
Payments made to the account, such as: Interest or dividends as part of the due diligence for CRS, 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 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)
- The Irish tax authorities
- Your accountant.
Implementation of the CRS
The CRS applies in Europe by virtue of the European Directive of Administrative Cooperation (DAC2) and in the OECD member countries that have signed the multilateral agreement on automatic exchange of financial account information.
Financial institutions must collect information regarding the tax residency of their customers in compliance with:
- Section 891F of the Taxes Consolidation Act (TCA) 1997 (as inserted by Section 28 of Finance Act 2014 and
- Returns of Certain Information by Reporting Financial Institutions Regulations 2015 (S.I. No. 583 of 2015).
Collection and processing of your personal data under the CRS
Any information we collect based on your self-certification documents is transmitted to the competent tax authorities for the fulfilment 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.