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Common Reporting Standard

The Common Reporting Standard (hereinafter – the CRS) is the standard developed by the OECD (The Organisation for Economic Co-operation and Development), to tackle global tax avoidance and evasion through offshore jurisdictions and to ensure data transparency.

 

On 6 June 2018, The Chairman of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan (hereinafter – the SRC RK) signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (the Multilateral Agreement).

 

The Multilateral Agreement is based on Article 6 of the Convention on Mutual Administrative Assistance in Tax Matters, ratified by the Law of the Republic of Kazakhstan dated 26 December 2014 No. 267-V ЗРК (hereinafter – the Strasbourg Convention), and ensures implementation of the Common Reporting Standard (CRS) on financial accounts of taxpayers of the countries in the OECD list, at financial institutions worldwide.

 

For the CRS purposes, the Bank should determine whether you are a “tax resident” (as a rule, a person who is required to pay income taxes in such a country/jurisdiction is considered a tax resident of a particular country/jurisdiction). We determine your “tax resident” status based on the information we already have, and may request additional information from you.

 

What do you need to do?

 

To confirm your status for CRS purposes, you should fill out the appropriate form and submit the completed form to any Bank Outlet/Branch.

 

Please note that you may receive more than one information request if you cooperate with us in different areas.

 

Any questions?

 

If you have any questions, please read the Rules and deadlines for submitting information to the state revenue authorities by second-tier banks and organizations engaged in certain types of banking operations, custodians, the Central Depository, brokers and (or) dealers who have the right to maintain customer accounts as nominee holders of securities, investment portfolio managers, as well as insurance organizations. The document and other materials are available on the website of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan http://kgd.gov.kz/ru/content/pravila-i-forma-otchetnosti-1

 

The Bank does not provide its customers with consulting services on determining tax residency in accordance with the CRS requirements. On this issue, you can contact a tax consultant or find information on tax residency for different countries on the portal of the Organization for Economic Co-operation and Development on http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/#d.en.347760

Responsible persons of the Bank in regard of CRS issues:

  1. Director of Compliance and Internal Control Service – Balnur Balkhozhaeva;
  2. Deputy Director of Compliance and Internal Control Service – Rauan Mazhenov.

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