The data collected by the tax authority is then exchanged with the pertinent tax authorities in participating countries. Therefore, credit and financial institutions in participating countries such as Malta, are obliged to comply with CRS requirements.
Reporting institutions are obliged to review their financial accounts and apply due diligence practices, in order to identify accounts and report to the national authority accordingly. The following information must be reported by the institutions:
• Name, Address, Country of Nationality, Taxpayer Identification Number (TIN)
• For individuals, to report date of birth, while entities are to report each controlling person who is reportable
• Depending on the type of account, provide values such as balance, accrued interest, interest paid / credited, dividends and other income