Have you had any issues with the mechanics of CRS implementation in your jurisdiction, such as delays from governing bodies?
I was saying earlier that there was a huge long debate between the tax authorities and the Lebanese Central Bank about access to personal bank account information. Any request is processed by the Ministry of Finance before going to the central bank.
So far all the financial institutions have taken steps, starting with staff training on data collection on Ultimate Beneficial Owners (UBOs), sending out self-certification forms and completing due diligence to gather Proof of Evidence (PoE), but we have no information on how it will be approved by the Council of Ministers.
The above text is taken from the Tax Working Group Virtual Series – “Common Reporting Standards Imminent implications for client tax reporting” – read in full here.