The OECD (Organization for Economic Co-operation and Development) standard developed to prevent global tax evasion using offshore jurisdictions and ensure transparency of information.
On June 6, 2018, the Chairman of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan (hereinafter referred to as the SRC RK) signed a multilateral agreement between competent authorities on the automatic exchange of information on financial accounts (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 No. 267-V dated December 26, 2014 (hereinafter referred to as the Strasbourg Convention), and provides for the implementation of a unified standard for the automatic exchange of information (CRS) on financial accounts of taxpayers from countries included in the OECD list, located in financial institutions worldwide.
For CRS purposes, the bank must determine whether you are a 'tax resident' (a tax resident is generally considered to be a person who is obligated to pay taxes on income or profit in a particular country/jurisdiction). We determine your 'tax resident' status based on the information we already have and may request additional information from you if necessary.
To confirm your status for CRS purposes, you need to complete the relevant form and submit the completed form to any branch of the bank.
Please note that you may receive more than one request for information if you cooperate with us in different areas.
If you have any questions, we kindly ask you to familiarize yourself with the rules and deadlines for submitting information to the state revenue authorities by second-tier banks, organizations carrying out certain types of banking operations, custodians, the central depository, brokers and/or dealers authorized to maintain client accounts as nominal holders of securities, portfolio managers, and insurance organizations. Documents and other materials are available on the website of the Committee of State Revenues of the Ministry of Finance of the Republic of Kazakhstan.
The bank does not provide its clients with consulting services on determining tax residency in accordance with CRS requirements. For this matter, you can contact a tax consultant or familiarize yourself with information on tax residency for different countries on the portal of the Organization for Economic Cooperation and Development.
