Welcome to my blog space.
Soon I will be providing regular updates regarding the FATCA and CRS obligations.
You may ask, what is CRS? and what would be my Tax ID Number?
CRS is a Global Tax reporting mechanism which approx over 100 countries have signed to it and now able to exchange information to the respective partners.
The Tax ID Number is a way for the relevant tax authority to interpret and know as to the correct individual for which they have received the information on.
Note that information such as the Tax ID Number is unique to the person.
Where can I find my Tax ID Number?
Your unique Tax ID Number can be found in different ID documents and also on various Government Issued documentation.
30/09/2023
Busy knowing that there will be extra focus on understanding and gathering the respective information required for Reporting purposes. What extra focus is this?
The reason is that the OECD is now conducting Peer to Peer reviews of all the countries that are signed up and aligned to the CRS. This means that all countries will have their implementation strategies noted and tested to see whether the correct information is being submitted along with the due diligence of all customers.