Online training
Common Reporting Standard (CRS)
The purpose of this course is to provide awareness of the key requirements of CRS and the implications that it has on financial institutions and their customers. The course introduces the key requirements for classification of entities, financial accounts, and the customers.
Geography Covered: Global | Duration: 30 - 45 minutes
Summary
As part of the global fight against tax evasion, tax authorities have developed broad powers to capture information held by financial institutions. These regimes place considerable compliance burdens on FIs and their customers.
The US led the way with the Foreign Account Tax Compliance Act (FATCA), which became effective in July 2014. FATCA’s aim is to identify US taxpayers holding financial accounts offshore, including under complex trust and corporate structures.
As governments started to negotiate agreements with the US to provide the information required under FATCA, they identified the value of this information for themselves. This led to the development of the Common Reporting Standard (CRS), which will facilitate the automatic exchange of financial account information across more than 100 participating jurisdictions.
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