The Common Reporting Standard
What is the Common Reporting Standard?
The Common Reporting Standard is an innitiative of OECD (the Cooperation and Economic Development Organisation) regarding an automated information exchange in the fiscal field. 74 countries have so far signed agreements for this information exchange.
The legal requirements of the CRS aim to provide full transparency for the tax collection procedure and to diminish fraud and international fiscal evasion.
As of 01.01.2017, all banks in Romania are compelled to collect information on the fiscal residence of their customers via specific forms.
Thus, Porsche Bank Romania S.A. will request all its customers to fill in the Fiscal Residence Form and attach all needed support documentation.
All CRS member states will report to the local fiscal authorities and these will send this information to the fiscal authorities in the respective member states.
CRS Member States
For a list of all CRS member states, please check the link below:
Fiscal Residence Country
The fiscal residence is the country in which the client pays his taxes. A client can have multiple fiscal residences.
For example, he can pay tax on property in one country and income taxes in another country.
Fiscal identification Code
The fiscal code for private individuals in Romania is the CNP. For other countries, the fiscal residence code can be found on the identification documents or on documents issued by the fiscal authorities.
For additional information regarding the documents which state the fiscal identification code for each of the CRS member states, please check the link below: