Amid all the press and industry comment on the Overseas
Transfer Charge, what has gone almost unnoticed is the
implementation of the EU Council Directive regarding the mandatory
automatic exchange of taxation information.
Amid all the press and industry comment on the Overseas Transfer
Charge, what has gone almost unnoticed is the implementation of EU
Council Directive 2014/107/EU of 9 December 2014, amending
Directive 2011/16/EU with regard to the mandatory automatic
exchange of information in the field of taxation (DAC2). This is
generically called the '
Common Reporting Standard.' (CRS).
CRS and pension schemes
It is to a degree jurisdictionally dependent, but in
Malta the Common Reporting Standard issued in terms of Article
96(2) of the Income Tax Act (Chapter 123 of the Laws of Malta)
requires all pension schemes to collect and report certain
information about an account holder's tax residence.
