CRS (Common Reporting Standard) Reporting Guidelines
CRS (Common Reporting Standard) Reporting Guidelines
1.What is the Common Reporting Standard (CRS)?
The Common Reporting Standard (CRS), also known as the Automatic Exchange of Financial Account Information (AEOI), is a set of information reporting and exchange rules established by the Organisation for Economic Co-operation and Development (OECD) to combat tax evasion and maintain effective tax systems. All participating countries/regions' financial institutions must comply with CRS requirements, collect information, and report annually to exchange information with other CRS participating countries/regions. Hong Kong is one of the regions participating in CRS.
2.Must all brokers participate in CRS? Why is CRS relevant to me?
All financial institutions in Hong Kong, including banks, insurance companies, asset management companies, and brokers, must comply with CRS/AEOI laws and regulations. Under CRS, the Hong Kong tax authority require financial institutions to collect and report information related to their customers' tax statuses.
3.Why does uSMART HK need to report my tax information to the Hong Kong tax authority?
To fulfill its CRS and legal obligations in Hong Kong, uSMART HK must report your tax information to the Hong Kong tax authority. Please note that if your tax status is that of a single Hong Kong tax resident, your tax information will not be shared with other countries/jurisdictions, as your tax reporting obligation is limited to Hong Kong.
4.What tax information do I need to provide to uSMART HK?
According to CRS requirements, the information we need from you includes: your name, address, place of birth (individuals) / registered country/established country (corporate accounts), date of birth, country of tax residence, tax identification number (TIN) or reason for not having a tax number, and information on the beneficial owners of specific corporate accounts (if applicable).
5.How do I determine my tax residence?
This depends on your place of residence and specific circumstances. The OECD website provides relevant guidelines. If you have questions, please consult your tax advisor or visit the OECD website:
6.What particular information will be reported if I open an account with uSMART HK?
The information provided in the self-certification form, as well as details of your account with uSMART HK, including but not limited to: year-end account balance or total value; amounts credited to your account during the year (including dividends, interest, sale amounts, etc., excluding trading profits).
7.How do I submit a CRS report?
Step 1: Open the uSMART HK App, click on "Me" at the bottom right, and enter "CRS & W-8BEN."
Step 2: Enter your trading password for uSMART HK.
Step 3: Fill in the relevant tax residency information and submit to complete the reporting.
(Image source: uSMART HK)
Download uSMART HK App: Download the uSMART HK App
8.What should I do if my personal information changes?
If your residential address changes, you can update it directly in the app under "My" - "CRS & W-8BEN." If your name, country/region, or identification number changes, please contact online customer service or call our customer service hotline at +852 3018 4526 (Hong Kong) or email cs@usmarthk.com.
9.How can I get more information about CRS?
Hong Kong Tax Authority website: https://www.ird.gov.hk/eng/tax/dta_aeoi.htm
Organisation for Economic Co-operation and Development (OECD) CRS website: OECD CRS
