The Common Reporting Standard (CRS) is an international standard developed by the Organization for Economic Co-operation and Development (OECD) to enhance tax transparency and combat tax evasion. CRS requires financial institutions in participating jurisdictions to collect and report specific information about their clients' financial accounts to their local tax authorities, which then share this information with tax authorities in the clients' countries of tax residence.
Over 100 jurisdictions have committed to CRS, agreeing to automatically exchange financial account information on an annual basis. This broad participation ensures a comprehensive approach to tackling tax evasion globally.
By complying with CRS requirements, myPOS helps maintain global tax transparency and supports efforts to combat tax evasion.