Regulatory Alerts2017-07-21 | 12625Common Reporting Standard
Banque du Liban issued Basic Decision No. 12625 to implement the Common Reporting Standard (CRS) for the automatic exchange of financial account information for tax purposes. The Decision mandates Lebanese reporting financial institutions to establish due diligence procedures, identify reportable accounts, and submit electronic information returns directly to the Ministry of Finance. It establishes strict record-keeping requirements, anti-avoidance rules, and supervisory oversight to ensure compliance with OECD guidelines and international transparency standards.
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