The Quidgest CRS reporting solution complies with Common Reporting Standard (CRS) regulations designed to respond to the G20’s request for the automatic exchange of tax information that is designed to prevent fraud and tax evasion within members of the OECD.
Economic and financial globalization has made it easier for taxpayers to create and manage investments through financial institutions outside their country of residence, making tax evasion easier, with large sums of money held offshore, which cannot be taxed in the taxpayer’s country of origin. All this creates high costs for the institutions and for the governments themselves. To make this mechanism more efficient, there was a need to standardize the information to be reported by financial institutions, thus ensuring the quality of information and the ease of access to it by stakeholders. To respond to this new requirement of the banking sector, Quidgest has developed the CRS Solution, which ensures the institutions’ compliance with this new regulation.
