The Organisation for Economic Cooperation and Development (OECD) approved the Common Reporting Standard (CRS) in 2014.
The CRS is a co-ordinated global approach to the disclosure of financial account information in respect of individuals and organisations in order to combat tax avoidance. The CRS requires financial institutions, including Core Credit Union, to identify accounts which are held directly or indirectly by persons who are resident for tax purposes in countries or territories other than the Republic of Ireland.
Financial institutions in the Republic of Ireland must report certain financial account information in relation to such account holders to the Revenue Commissioners, who automatically exchange that information with tax authorities in other jurisdictions annually.
The CRS came into effect the Republic of Ireland on 1st January 2016.
Impact of CRS on Core Credit Union Members
In compliance with CRS requirements Core Credit Union is obliged to capture details of a member’s tax residency, Tax Identification Number (TIN) and date of birth, which may have to be reported, along with account details (including the account number, account balance and certain gross amounts paid or credited to the account), to the Revenue Commissioners who then report this information to the tax authorities relevant CRS jurisdictions.
Members are required to provide CRS related information in the following circumstances:
- As part of the account opening process when joining the credit Union as a new member;
- If you are an existing member of Core Credit Union and we do not hold the required information for you; or
- If you are an existing member and there is a change of circumstances on your account details which may indicate a change in your status for CRS reporting purposes such as:
- A change of address from an address in the Republic of Ireland to an address in a CRS reportable jurisdiction (and vice versa); or
- A change of address from a non-Republic of Ireland address to an address in a CRS reportable jurisdiction.
If an applicant for membership has non-Irish tax residency and does not provide a foreign TIN the Credit Union cannot open the account.
You may be requested to provide CRS information on more than one occasion.
It is important that you respond to all requests for CRS information even if you believe you have already provided it.
If you are currently living outside the Republic of Ireland and are no longer considered a Tax Resident, please complete the form (click to download) and return it either securely via your online registered members service area (if you are a registered member) or you can contact us directly at +353 1 272 5600 or at firstname.lastname@example.org.
More detailed information about the CRS is available on: