ZATCA issues CRS guidelines

The Common Reporting Standard ("CRS") applies to certain Financial Institutions which are located in the Kingdom of Saudi Arabia ("KSA").  Reporting KSA Financial Institutions must undertake a comprehensive review of their existing Financial Accounts to identify the status and tax residency of Account Holders, either directly or indirectly (i.e., via entities). Going forward, Reporting KSA Financial Institutions must also identify the tax residency and status of Account Holders before onboarding when opening new Financial Accounts. 

The purpose of these CRS Guidance Notes is to assist entities within KSA in practically assessing their obligations under the CRS and to assist Reporting KSA Financial Institutions in the implementation of the Standard for the Automatic Exchange of Financial Account Information in Tax Matters ("Standard").