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Home/ About Us/ Common Reporting Standards (CRS)
Common Reporting Standards (CRS)

Governments around the world are looking at ways in which they can exchange information in order to fight tax evasion and protect the integrity of tax systems. This has resulted in the development by the Organization for Economic Co-Operation and Development (the "OECD") of a system for the automatic exchange of information. This system is commonly referred to as the "Common Reporting Standard" (CRS).

As of 27 September 2016, a total of 101 countries had committed to implementing the standard.

This meant that starting January 2017, Governments required all banks and other financial institutions to ask customers to complete specific forms designed to collect information related to their tax residency status.

The Government of the UAE has committed to the implementation of the Common Reporting Standards (CRS) for the Automatic Exchange of Information (AEOI) and to begin the identification of CRS reportable accounts in 2017 with the first report to begin in 2018.

Bank of Sharjah PJSC will fully comply with the directives of the Government of the UAE.

To download the relevant self-certification forms:

 - CRS Individual Form (in case of joint account each account holder must complete a separate form)

  Click here for the Explanatory notes for Individuals.

 - CRS Entities Form

  Click here for the Explanatory notes for Entities.

 - CRS Controlling Person Form

  Click here for Explanatory notes for Controlling persons.

For help filling out an application, Click on Click here for the Explanatory notes. next to each form. In case further assistance is needed, please call your branch Customer Service Department. We expect the forms to be completed and sent back duly signed by 31 October 2017. Past this deadline a monthly charge of AED 200 will be levied by debiting your account. Further information on Common Reporting Standard can be found on the OECD website.

Should you have any queries related to your personal tax matters, we suggest that you consult a professional tax advisor, as Bank of Sharjah PJSC is not authorized to provide you with any tax advice.

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