The Nauru Department of Finance has released information on excluded accounts under the Common Reporting Standard.
The newly published regulations provide that dormant accounts will be excluded for the purposes of CRS reporting. The definition of a “dormant account,” in addition to the conditions for ceasing to be classified as dormant, is explained in detail within these regulations.
As of now, Nauru has not specified any non-reporting financial institutions under CRS.
The post Nauru Publishes List of Excluded Accounts for CRS Reporting appeared first on Sovos.
About the Author
Tom Hospod is a member of the Tax Research Team for the Direct Tax division at Sovos Compliance, where his main areas of focus are Tax Withholding and Automatic Exchange of Information (AEOI). Prior to Sovos, Tom worked as a legislative aide in the Massachusetts House of Representatives. He also has experience in securities law—focusing on broker-dealer disputes and representing clients in FINRA arbitration. Tom is a member of the Massachusetts Bar, earned his B.A. from Boston College and his J.D. from the University of Miami.More Content by Tom Hospod