Common Reporting Standard (CRS)

What is CRS?

The Common Reporting Standard (CRS) is a regulation initiated by the Organisation for Economic Cooperation and Development (OECD), which is aimed at preventing tax evasion and leading to a global automatic exchange of information between countries that have agreed to implement the CRS.

Increased globalisation is making it easier for taxpayers to make, hold and manage investments through financial institutions outside their country of residence. The possibility exists that significant amounts of money are kept offshore and are untaxed in their home jurisdiction. Offshore tax evasion is a serious problem for countries all over the world and these countries have a shared interest in maintaining the integrity of their tax systems. Cooperation between tax administrations is critical in the fight against tax evasion and in protecting the integrity of tax systems. A key aspect of that cooperation is exchange of information.

Under the CRS over 100 countries (CRS-participating jurisdictions) have now agreed to exchange information with each other, with approximately half of these countries being early adopters with first reporting due in 2017. The full list can be found at: www.oecd.org/ctp/exchange-of-tax-information/Status_of_convention.pdf

Who is within the scope of CRS?

The CRS regulation applies to any Financial Institution located in a CRS-participating jurisdiction and obliges those Financial Institutions to identify residents of other CRS-participating jurisdictions. CRS applies to both individuals and entities.

For the purpose of identifying CRS-participating jurisdiction residents, Financial Institutions are required to obtain self-certifications from their investors. Among others, self-certifications information must include the country or countries of tax residence and the tax identification number(s) (TIN).

What is required by CRS?

In order to comply with CRS regulations, Man funds must establish the tax residence of investors and may from time to time request further information and/or documentation to confirm the tax residence of investors.

What is required by CRS for investors?

For New Investors: Man is required to obtain investors tax residence(s) for tax purposes, and their TIN. Without this information, Man is not authorized to create a new investor account.

For Pre-existing Investors: Man will contact all customers subject to CRS review to obtain a self-certification form in which they determine their residence for tax purposes and provide their tax identification number.

 CRS Self Certification Form - Individual
 CRS Self Certification Form - Entity

 

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