Crs full form: This web page provides

This web page provides guidance to Financial Institutions, Regulators and Income Tax Department of India for compliance with FATCA and CRS reporting requirements. FATCA stands for Foreign Account Tax Compliance Act and CRS stands for Common Reporting Standard on Automatic Exchange of Information. FATCA – the Foreign Account Tax Compliance Act – is a US law that forces non-US banks to provide the IRS with information about their US customers, whereas CRS – the Common Reporting Standard – is a global reporting standard that allows tax authorities from multiple countries to access information about their citizens’ finances. Although both FATCA and CRS are information sharing standards used by governments to track citizens’ use of offshore banks, CRS casts a wider net that ... What Is the Common Reporting Standard ( CRS )? The Common Reporting Standard ( CRS ) is an international agreement designed to facilitate the automatic exchange of financial account information between participating jurisdictions. Developed by the Organization for Economic Co-operation and Development (OECD), CRS aims to increase transparency in global tax matters and combat tax evasion. Tax authorities can more effectively identify and address tax evasion and fraud by sharing financial account ...