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Lebanon

Common Reporting Standard (CRS)


To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new information-gathering and reporting requirement for financial institutions. This is known as the Common Reporting Standard (the “CRS”).

Under the CRS and by virtue of the applicable laws and regulations in Lebanon (the “Laws”), we are required to determine your “tax residency” (this will usually be where you are liable to pay income or corporate taxes), based on the information you provided us with or will be providing us with as well as on information we already have in our books and records.

If the information that you provided or will provide identifies you as a reportable person (individual or entity or controlling person), we are required, as per the Laws, to report annually, certain information in relation to your account (e.g. name, address, country of tax residency, Tax Identification Number, account balance, payments, etc.) to the Lebanese competent authority(ies). The Lebanese competent authority(ies) will subsequently exchange this information with the competent tax authority of the country(ies) in which you are tax resident.

Audi Private Bank SAL may contact you in due course to obtain additional information or update the related information we have concerning you in our books and records.

Please note that this communication is for information purposes only and shall not be considered in any case as a tax advice. Kindly contact your tax adviser if you have any questions or uncertainties about your tax obligations. Audi Private Bank SAL shall not be held liable with respect to any action you may undertake in connection with this subject matter.

For more information, you may visit the OECD Automatic Exchange of Information Portal (http://www.oecd.org/tax/automatic-exchange/) and consult the applicable Lebanese laws and regulations related to this subject matter.

Thank you for your usual cooperation.

Audi Private Bank SAL

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