Under the Common Reporting Standard (CRS), myPOS is required to determine your tax residency status and whether you hold an account in a country different from where you are a tax resident. To comply with CRS requirements, myPOS must collect certain information about you and your business. This information is then reported to the local tax authorities, who exchange it with the tax authorities of the relevant jurisdictions.
As a myPOS client, you must provide accurate information about your tax residency. Failure to do so can lead to compliance issues and potential penalties. Ensuring that your tax residency information is up to date helps myPOS comply with international regulations and supports global tax transparency.