Why do I need to file a tax return under the CRS?Let’s first understand what the CRSis. It is the global Common Reporting Standard. With the advent of the Common Reporting Standard (CRS) or otherwise “Standard for Automatic Exchange of Financial Account Information” there was an unconditional need to file a tax return for all tax residents of the countries that signed this Convention.A little historyIn 2013, within the framework of the OECD (Organisation for Economic Co-operation and Development) – an international intergovernmental organisation of economically developed countries that recognise the principles of representative democracy and free market economy began to develop Already in May 2014, the OECD declaration on automatic exchange of tax information was approved and 65 countries around the world officially declared their readiness to adopt the CRS standard. The final text of the standard was released on 21 July 2015.CRS provides for the annual automatic exchange of information.It specifies what information is to be exchanged: – are individual accounts of individuals, residents of countries that are signatories to CRS and corporate accountsWhich financial bodies do this?Banks, brokers, investment companies and insurance companies.Russia and the automatic exchange of information CRSRussia began exchanging information from September 2018. Information collection began on 01 January 2017.Italy and the CRS Automatic Information ExchangeItaly has been sharing information since September 2017. The collection of information started from 01 January 2016.Ukraine and automatic exchange of CRS informationUkraine has not yet signed the standard and has not yet joined the ISAAA ( a model multilateral agreement developed by the OECD specifically for the exchange of information under the CRS programme). According to the Minister of Finance of Ukraine the automatic exchange of information should start in 2020, based on the results of 2019. We would like to draw your attention to the fact that the CRS Standard does not make a link to citizenship, but to the tax residence of an individual. If you have a residence in a state in which you are a member of the CRS programme, you will be able to exchange information with the tax authorities of the country. Here you will find all of his or her information and contacts.

For those who do not speak and understand Italian well enough, we would like to inform you that you can also make an appointment with a specialist through our Russian-speaking representative by phone +41796760153; +393510500317 (WhatsApp, Viber). Make an appointment today and tomorrow you will not have to worry about missing an opportunity. In a personal meeting you will receive professional advice and counselling. Then the choice is yours – to file a declaration or to wait until “thunder rumbles”. We wish you good mood and good luck in all your endeavours.