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Reporting of overseas bank accounts The new

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AUTOMATIC EXCHANGE OF INFORMATION
Tax transparency
Reporting
In a world without barriers to financial flows,
businesses and individuals can invest their wealth
abroad in financial institutions in jurisdictions
outside their country of residence.
While many taxpayers still comply with their
domestic tax obligations, some others do not,
by hiding their financial assets abroad.
The new standard on automatic exchange
of financial account information (AEOI) developed
by the OECD and G20 is a significant and ambitious
step in the field of administrative co-operation
which will guarantee fairness in tax.
Many countries have now committed to this global
standard.
of overseas
bank accounts
The new rules
Get more about Automatic Exchange of Information at
your financial institution or at :
impots.gouv.fr
This document does not replace the official documentation.
leaflet CRS customer_EN_BAT1.indd 1-3
CONCEPT GRAPHIQUE : PHILIPPE MOUBECHE
Professionnels > Accès spécialisés > Tiers déclarants
25/11/15 10:24
So far over 90 countries have committed
Information such as the value of the account,
Tax authorities will exchange this information
to an automatic exchange of financial account
interests, dividends and other financial incomes
to assist in making sure everyone
information.
will be collected by financial institutions around
pays the right amount of tax on their income.
the world ready for reporting to tax authorities.
International agreements
Information exchanged
Obligations
> Between governments
> Between tax authorities
> Name, address and other identifying information
on the person concerned;
> A reference for the financial account;
> Details about the financial institution;
> The value of the financial account;
> Interest, dividends, income from certain
insurance products;
> Sales proceeds from financial assets
If you have a financial account overseas, you may have
to provide your financial institution with evidence
of your tax residence, including your tax identification
number.
Reportable accounts
Financial institutions collect relevant information
then transmit it to the tax authority in their country,
which sends the information to the tax authority
of your country of tax residence. This tax authority
checks if the foreign income you declared is correct.
Their goal is to increase tax transparency between
countries and close the net on those few who try
to hide their financial assets offshore.
This new set of rules applies to individuals
as well as entities.
Reportable accounts are all financial assets: bank accounts,
life-insurances, funds...
The financial institution will contact you if necessary.
If your financial institution seeks to establish your tax
residence, it is very important that you provide them
with the relevant information.
Accounts holders are individuals and entities, including trusts
and foundations.
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leaflet CRS customer_EN_BAT1.indd 4-6
25/11/15 10:24
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