What does the Common Reporting Standard (CRS) stand for?
The Common Reporting Standard (CRS) is a standard for the automatic exchange of information between international tax authorities developed by the OECD to combat tax evasion.
Within the EU, financial institutions, such as Pliant and its partner bank, are subject to CRS and are required to automatically report tax information of their account holders to the tax authorities.
Pliant will request your TIN during onboarding and report it together with other tax information to the German Federal Central Tax Office.
Does CRS apply to me?
CRS reporting requirements apply to all our business customers that are tax resident in any country other than Germany. Note that CRS legislation also applies if you are a tax resident in Germany and another country.
If you are a German tax resident only, then CRS reporting requirements do not apply