CRS (Common Reporting Standard)

28 Dec 2015

Upcoming Need to Collect Tax Status Information

Today, 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 Organisation for Economic Co-Operation and Development (the “OECD”) of a system for the automatic exchange of information between member states relating to tax payers within the OECD. This system is commonly referred to as the “Common Reporting Standard”. Many governments within the OECD will adopt the Common Reporting Standard under new local law.

These local laws will mean that from the beginning of January 2016, governments will start requiring all banks and other financial institutions to ask customers for information with a view to determining where they are resident for tax purposes. HSBC is committed to protecting the integrity of tax systems and preventing financial crime of all types and will fully comply with these new laws.

Therefore, from the beginning of 2016 onwards, we will be writing to you to collect information relating to your tax status.

What you need to do now

You don’t need to do anything right now. We’ll contact you early next year. If you have any further queries, please contact us [1588-1770 (1544-3311 for HSBC Direct)]. However, HSBC is not authorised to provide tax advice, so if your query relates to your personal tax matters, please contact a tax advisor.

Further information on Common Reporting Standard can be found on [OECD automatic exchange of information portal (http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/)].

More information for CRS in HSBC