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 about non-resident account holders 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) applies in the European Union under the Council Directive 2014/107/EU amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation (“DAC 2”).
The CRS Legal framework in Belgium
On 29 October 2014 the Belgian government has signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information. In this agreement Belgium committed to the application of CRS. This multilateral agreement and the Directive 2014/107/EU were incorporated into Belgian law by virtue of the Law of 16 December 2015 regulating the communication of information regarding financial accounts by Belgian financial institutions and the Ministry of Finance, in connection with the international automatic exchange of information for tax purposes.
Implementation of framework
Financial institutions relevant obligations include:
- Identify and collect relevant information regarding their customers’ tax residency status in countries that participate in the automatic exchange of information.
- Report this information to the competent tax authority every year.
Information reported to the tax authority
The Belgian tax authority exchanges the information collected from the financial institutions with the competent tax authority where the customers are tax residents. This information includes:
- Full name / Corporate name
- Address
- Birth date
- Tax identification number (TIN)
- Account number and balance
- Income and Proceeds
To fulfil our reporting and due diligence obligations under CRS, we ask you to complete the relevant self-certification form(s) and submit them along with the necessary supporting documentation:
- Self-certification form for individuals.
- Self-certification form for entities.
- Self-certification form for controlling persons.
Additional information about the CRS
Considering that we cannot provide you with tax advice, for more information about CRS you may consult:
- The Organisation for Economic Co-operation and Development (OECD) - http://www.oecd.org/tax/automatic-exchange/about-automatic-exchange/
- The Belgian Federal Public Service Finance site - https://financien.belgium.be/nl/E-services/crs
- Your tax advisor
Collection and processing of your personal data under the CRS
Your relevant information already at our disposal or collected by us through the self-certification is transmitted to the competent tax authorities for the fulfillment of Vivabank Services reporting obligation, in accordance with the applicable legal framework on the CRS. For information on the processing of your personal data by Viva Payment Services in accordance with the EU Regulation 2016/679 (General Data Protection Regulation) you can refer to the Privacy Policy of Viva Payment Services.