The Common Reporting Standard (CRS) is a global framework for the automatic exchange of financial account information between tax authorities. As a Reporting Financial Institution, dfcu Bank is required to identify the tax residency status of its customers and, where required by law, report certain financial account information to the Uganda Revenue Authority (URA).
Who is a tax resident?
A tax resident is an individual or entity that is regarded as resident in a country for tax purposes under that country's laws. Tax residency is generally determined by factors such as permanent residence, length of stay, place of incorporation, management and control, or where business activities are principally carried out. A person or entity may be tax resident in more than one jurisdiction.
Why is dfcu Bank requesting this information?
To comply with CRS requirements, dfcu Bank is required to confirm all countries or jurisdictions in which you are tax resident and provide the applicable Tax Identification Number (TIN) or functional equivalent. We may ask you to complete or update a CRS Self-Certification Form when you open an account, when we review existing customer information, or when your circumstances change.
What is a CRS Self-Certification?
A CRS Self-Certification is a declaration completed by an individual, entity or controlling person to confirm their tax residency and CRS status. This information enables the Bank to determine whether an account is reportable under CRS requirements.
What happens to my information?
Where required by law, dfcu Bank may report specified information about Reportable Accounts to the Uganda Revenue Authority (URA). This may include identification and tax-residence information, the account number, the account balance or value, and certain amounts paid or credited to the account. URA may exchange the reported information with the relevant tax authorities in other participating jurisdictions in accordance with applicable law and international agreements.
Keeping your information up to date
You should promptly notify dfcu Bank if your tax residence or any other information provided in a CRS Self-Certification changes, and provide an updated self-certification or supporting information when requested.
Important Notice
This notice and the CRS Self-Certification Forms are provided for general information and do not constitute tax or legal advice. dfcu Bank cannot determine your tax residence for you. If you are unsure about your tax residence or how CRS applies to you, please consult an independent tax or legal adviser or the relevant tax authority.
CRS Self-Certification Forms (pdfs uploaded for download)
dfcu Whistleblowing Channels: Email address: dfcu@tip-offs.com; Whistleblowing Toll Free Number: 0800 100 255; Anonymous Tip-Offs Link
