CRS (Common Reporting Standard) is a unified standard for providing tax authorities with information on accounts held by tax residents of other countries. CRS was developed by Organization for Economic Cooperation and Development (OECD) and was adopted as European Union’s Directive.

In Poland, the provisions of CRS were implemented by virtue of the Act of 9th March 2017 on Exchange of Tax Information with Other Countries (CRS Act).

From 1st May 2017, the CRS Act imposes on Polish financial institutions, including PKO Bank Polski S.A., obligation of identification and reporting of data of Clients being tax residents of other countries to tax administration authorities of the country of Client’s tax residence (through the Chief of the National Tax Administration).

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