Under the Common Reporting Standard (CRS), as a bank operating under Dutch law, we are required to report your financial account information to the Dutch Tax and Customs Administration.
This is what we are required to share:
- Name and address
- Tax residence country and tax identification number
- Date of birth and place of birth
- Username
- Bank account balances at year end
- Gross amount of interest, dividend and other income
- Gross sale proceeds (this does not include income or your return on investments or gains. It means ‘the total gross proceeds from the sale or redemption of Financial Assets paid or credited to the account’).
The Dutch tax authority shares this information with the tax authorities in other countries that have adopted the CRS. This information relates to account holders who have a bank account in a country that is not their country of residence for tax purposes. The tax authority bases your residency on the information that you have given us.
Tax authorities might question taxpayers on the information provided to the authority through this CRS obligation. Gross proceeds can be misinterpreted as capital gains, dividend income or return on investment earned by investors. If you have questions about the way the Tax Authority processes your information, it is best to talk to your own tax or financial advisor to clarify matters. We cannot intervene and cannot help you as we are just following mandatory standards.
How can I find this (CRS) information myself?
When you log into your account and go to 'Profile', you can see all the personal information you have provided to us. This includes your name, address, tax residency and similar information that is reported under CRS.
Information about all income, dividends and gross proceeds (sales performed) from the investments and transactions you made, can also be found in your account (only the web-based version, not in the app). Go to 'Inbox' and click 'Account Statement', the above-mentioned information is gathered there. The overviews can also be exported as a separate file. For more information on this, see our FAQ.
What is the CRS exactly?
In order to prevent tax evasion and undeclared savings and to protect the integrity of tax systems, the Organization for Economic Co-operation and Development (OECD) has set up a system to make it easier for countries to share information about financial accounts. The CRS has been incorporated into Dutch law, so we have to comply with it.
Good to know
As an execution only broker, we do not provide tax consultation or advisory services. Please consult with your tax or financial advisor to clarify the matter in dispute with local tax authority.