CRS (Common Reporting Standard) provides a global standard for the exchange of tax information. Financial institutions (such as banks, insurance companies and investment funds) are therefore required to determine the tax residence (s) of the account holder and to provide certain information in the form an annual report to the respective national tax authority.
As a result, FXFlat Bank has the obligation to submit to the Federal Central Tax Office (BZSt) the tax-relevant information collected on the basis of the CRS for the previous year by 31 July of each year. The announcement will be made for the first time on 31 July 2017 for the period of the previous year.
Since 2016, FXFlat Bank collects, processes and uses the information on tax residency for the purpose of safeguarding the reporting and due diligence obligations in accordance with the provisions of the Financial Accounts Exchange Act (FKAustG).
Before submission of the notification to the BZSt, the identified and notifiable persons are informed once. A notifiable person is, for example, a natural person or entity resident there under the tax laws of another participating State.
The reporting of legally required data and information is carried out in compliance with applicable data protection regulations and data security.