The CRS provides for an automatic global exchange of information in tax matters.
The fundamental principle of the CRS is to obtain information on financial accounts and, in respect of persons who are not tax residents in the Czech Republic, to report such information to their country of tax residence for tax administration purposes.
CRS obligations arise from a multilateral international agreement and implementing national legislation - in the Czech Republic, Act No 164/2013 on International Cooperation in Tax Administration.
PPF banka is obliged to report information on the so-called “reportable accounts” to the Czech tax authorities every year; the Czech tax authority then exchanges such information with the foreign tax competent authorities.
PPF banka's report under the CRS contains information on the accounts of natural persons and legal persons residing or having their registered office in a country other than the Czech Republic (generally referred to as non-tax residents) who are account holders in the Czech Republic.
CRS relates, in particular, to depository accounts (payment accounts and some special accounts), and custodial accounts (accounts that hold securities and other financial instruments).