Automatic Exchange Of Tax Information DAC2 /CRS Clarifications For Correct Completion Of The XML File

The Tax Department after conducting on-the-spot and office audits to Financial Institutions (FIs) for examination of their compliance in relation to due diligence procedures as set out in the relevant legislation on CRS/DAC2, draws the attention of F.I. to the following:

1. The data declared in the CRS reports must be checked and confirmed both for their correctness and in that they are real (not forged) and in accordance with the specifications of XML Schema as well as relevant legislation governing CRS reporting. Particular attention should be paid to the data that customers themselves fill in electronically during self-certification. The F.I. must have the appropriate systems in place to ensure that the information provided belongs to the Account Holder.