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CRS - Submitting notification of missing self-certification
Reportable Financial Institutions under the CRS are required to submit a notification of a missing self-certification to the BZSt, if no or no valid self-certification could be obtained within 90 days after the opening of a new account.
The Common Reporting Standard (CRS) is a procedure for the international exchange of financial account information with the aim of preventing tax evasion. More than 100 countries participate in the exchange, including the Federal Republic of Germany. The Federal Central Tax Office (BZSt) oversees the CRS in Germany.
The CRS obliges financial institutions in Germany, such as banks or insurance companies, to transmit information about their customers' reportable financial accounts to the Federal Central Tax Office (BZSt). If accounts have a reportable connection to foreign countries, the BZSt exchanges this data with CRS partner countries and in return receives information from the partner countries on accounts abroad whose holders are resident in Germany.
The CRS also regulates due diligence requirements that financial institutions must meet in order to identify accounts subject to reporting requirements. These include obtaining self-certifications from account holders (natural persons and legal entities) when opening an account. The self-certification contains information on the tax residency of the account holder.
The self-certification must be obtained and validated from the responsible financial institution no later than 90 days after the account is opened. If it is not available by then, the lack of the self-certification must be reported to the BZSt. The report can be submitted online.
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The Common Reporting Standard (CRS) is a procedure for the international exchange of financial account information with the aim of preventing tax evasion. More than 100 countries participate in the exchange, including the Federal Republic of Germany. The Federal Central Tax Office (BZSt) oversees the CRS in Germany.
The CRS obliges financial institutions in Germany, such as banks or insurance companies, to transmit information about their customers' reportable financial accounts to the Federal Central Tax Office (BZSt). If accounts have a reportable connection to foreign countries, the BZSt exchanges this data with CRS partner countries and in return receives information from the partner countries on accounts abroad whose holders are resident in Germany.
The CRS also regulates due diligence requirements that financial institutions must meet in order to identify accounts subject to reporting requirements. These include obtaining self-certifications from account holders (natural persons and legal entities) when opening an account. The self-certification contains information on the tax residency of the account holder.
The self-certification must be obtained and validated from the responsible financial institution no later than 90 days after the account is opened. If it is not available by then, the lack of the self-certification must be reported to the BZSt. The report can be submitted online.