Hello Forum Members,
I am reaching out to gain a better understanding of the reporting requirements for depository accounts under the AEOI and CRS frameworks. The CRS documentation refers to "The total amount of gross interest paid or credited to the account in the calendar year or other reporting period," but it does not explicitly state whether this includes all transactions, such as inter-account transfers, gifts, salaries, and other non-interest related deposits.
I have not found any official documentation that expands on the definition to include these other types of transactions as part of the "gross interest." If only interest income is reportable, this would significantly narrow the scope of reporting compared to what some practitioners suggest.
If anyone has access to more detailed documentation or can provide authoritative clarification on whether the term "gross interest" strictly refers to interest earnings, or if it is intended to cover a broader range of transactions, your input would be invaluable.
Any shared documentation or insights would be greatly appreciated)
Thank you for your assistance.
I am reaching out to gain a better understanding of the reporting requirements for depository accounts under the AEOI and CRS frameworks. The CRS documentation refers to "The total amount of gross interest paid or credited to the account in the calendar year or other reporting period," but it does not explicitly state whether this includes all transactions, such as inter-account transfers, gifts, salaries, and other non-interest related deposits.
I have not found any official documentation that expands on the definition to include these other types of transactions as part of the "gross interest." If only interest income is reportable, this would significantly narrow the scope of reporting compared to what some practitioners suggest.
If anyone has access to more detailed documentation or can provide authoritative clarification on whether the term "gross interest" strictly refers to interest earnings, or if it is intended to cover a broader range of transactions, your input would be invaluable.
Any shared documentation or insights would be greatly appreciated)
Thank you for your assistance.
