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Overview

COMMON REPORTING STANDARD

What is Common Reporting Standard (CRS)?
Pakistan signed a Multilateral Convention on Mutual Administrative Assistance in Tax Matters becoming 104th signatory to the Convention and adopted the global Standard for Automatic Exchange of Financial Account Information in Tax Matters commonly known as the “Common Reporting Standard” (CRS). Organization for Economic Cooperation and Development (OECD) developed CRS to combat cross border tax evasion and to enhance cross-border tax compliance. Essentially, CRS serves as a global standard for automatic exchange of financial information of tax payers residing outside their respective jurisdictions. The financial information exchange takes place between the jurisdictions that have agreed to adopt CRS.
Why National Bank of Pakistan has to comply with CRS?
State Bank of Pakistan (SBP) BPRD Circular Letter No. 10 of 2017 dated: April 19, 2017 and Common Reporting Rules notified by FBR vide S.R.O. 166 (I)/2017 dated March 15, 2017 require all operating Banks in Pakistan to ensure compliance with the CRS Rules.
What should NBP Customers expect because of this regulatory obligation?
NBP can reach out to all its customers to confirm their country (or countries) of tax residence and to provide relevant CRS forms duly filled and signed. NBP may require its customers to provide additional information and details or require its customers to submit a new CRS form even if the same has already been submitted in the past. Accordingly, we request you to please contact your concerned NBP branch and fill and submit CRS Form appropriate to you.
CRS Self-Certification Forms:

Disclaimer: Please note that nothing on this page constitutes tax advice and you are encouraged to seek professional advice before providing us with a completed CRS Form. NBP will not assume any responsibility if any incorrect information is provided in the submitted form.

 

 


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