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  1. Obligatory published information
  2. Common Reporting Standard

COMMON REPORTING STANDARD

The basic principle of CRS is searching for and reporting of information on accounts of tax non-residents to tax authorities worldwide.

Prospective requirements of RBCZ

Individuals

What shall I bring with me if I pay my taxes in a country other than the country of my permanent residence?
If you have your tax residence in a country other than the country where you live (your permanent address), we may ask you to submit other documents next to the standard documentation in order to prove your tax residence (e.g. a tax residence certificate). If you already have your tax residence certificate, bring it with you to your bank branch. In case the bank will not have adequate information to assess your tax residence, we will ask you to submit the necessary documentation within 90 days of signing the agreement.
What shall I bring with me if I pay my taxes in the same country as the country of my permanent residence is?
If you have your tax residence in the same country where you live (your permanent address), we will only ask you to submit standard documents for opening an account. You will have to come to our branch and sign the client information form by which you will confirm your tax residence and tax identification number (if you have any).
How shall I proceed if I receive Call for Cooperation from RBCZ
In case RBCZ informs you that you have to explain inconsistencies in your personal data or provide a missing data, it is important to find out what exactly is required from you. Here are the most frequent types of calls:
You have not registered your tax identification number (Tax ID) with us:
We are legally bound to register your Tax ID if you are a tax resident of a state other than the Czech Republic, however, we do not know the number and it is therefore necessary that you communicate it to us. Click here to see the guide to find your Tax ID. We found a discrepancy between the state of your tax residence and your permanent address in the documents we received from you, or we found other evidence that you are not a tax resident in the country you specified. For this reason, we cannot consider the client data form that you have signed to be valid and we need you to provide a statement of your tax residence. For more information on tax residence certificate clickhere.

What is CRS

  1. Principle of operation

CRS stands for Common Reporting Standard – it is a common platform for automatic global exchange of information for tax purposes. The main objective of the platform is to prevent tax evasion. The Bank’s compliance with CRS stems from requirements of Czech law and the related information shall be searched for in a broader context of other obligations of the Bank in this area imposed by the relevant legislation.

  • The basic principle of CRS is searching for and reporting of information on accounts of tax non-residents to tax authorities worldwide.

  • The subjects of such reports shall be data on individuals and entities tax resident in a country other than the Czech Republic (more generally the tax non-residents) who have bank accounts in the Czech Republic; Information reported by the financial institutions on such accounts shall be mutually exchanged between tax authorities of the relevant countries.

CRS primarily relates to depository accounts (current account, savings account, or termed account), custodial accounts and cash value l insurance policies (life insurance).

  1. Czech legislation

    CRS is embedded in the Czech legislation by the amendment of Act No. 164/2013 Coll., On International Cooperation in Tax Administration. It also implements Council Directive 2014/107/EU of 9 December 2014 amending Directive 2011/16/EU regarding the mandatory automatic exchange of information on tax matters and establishing a global standard for automatic exchange of tax-related information stemming by the Czech Republic’s signing (on 29 October 2014 in Berlin) of a declaration to the multilateral agreement of the competent authorities on automatic exchange of finance-related information.

    Act No. 164/2013 Coll. regulates all procedural aspects of automatic exchange of information received from financial institutions and also unifies procedures for automatic exchange of tax-related information in accordance with global standards and practices required by the agreement with the United States on improving tax compliance at international level and with regard to the laws of the United States addressing information and their reporting – commonly known as the Foreign Account Tax Compliance Act (FATCA). The agreement was published in the Collection of International Treaties under No. 72/2014 Coll.

 
What shall be reported to the tax authorities

Based on the implemented due diligence procedures, RBCZ is obliged to annually send data on “Reportable accounts” to the Czech tax administration.

  • reportable account means: an account held by one or more reportable persons (or by a passive non-entity with one or more controlling persons/beneficial owners that are reportable persons)
  • reportable person is a natural person or a legal entity who is resident in a reportable jurisdiction in accordance with the tax laws of that jurisdiction, other than: 
    • corporation the stock of which isregularly traded on one or more established securities markets and their related entities,
      ◾Government entities,
      ◾International organisations
      ◾Central banks and financial institutions.
  • incomes that are subject to reporting obligation include especially various types of investment incomes including interest and dividends and similar types of income, as well as gross revenues from sales of assets that generate interest or dividends.

Reportable data

Comment

Identification of reportable persons who are account holders or controlling persons/beneficial owners of legal entities:

Name, address, country of tax residence, TIN, date of birth, place of birth

Identification of reportable legal entity:

Name, address, country of tax residence, TIN

 

(reported) account number

 

Name and ID of financial institution

 

Account balance or value as of the end of the year/closer of the account

In case of zero or negative account balance, the entity shall report zero value.

If the account was closed during the year, the closure of the account.

Other data provided for custodial accounts

The gross amount of interest, dividends, and other income paid or transferred to the account + total gross revenues from the sale or redemption of financial assets paid into the account, in case the FI acts as manager, broker, authorised agent, or representative of the account holder

Other data provided for depository accounts

The gross amount of interest paid or credited to the account

Other data provided for other accounts

The gross amount of the payment or the amount credited to the account holder, including the combined amounts of debt repayments

 

Important links

Common Standard for Reporting (in English)

Common Standard for Reporting  (in Czech - unofficial translation)

Council Directive 2014/107/EU (in Czech)

Open portal of OECD