Automatic information exchange tackles tax evasion

OECD’s Common Reporting Standard (CRS) and the revised EU Directive on Administrative Cooperation have entered into force. From now on, Finnish financial companies are required to ask customers to declare their state of residence for tax purposes.

Financial institutions are legally obliged to annually report their customers’ income and assets to the Finnish Tax Administration. This information is provided by the customers.

With the increased automatic exchange of financial account information, Finland will also be acquiring information about Finnish residents’ taxable assets and revenues held abroad.

The exchange of information makes tax control more efficient and hinders tax evasion.

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