Hatice Ismail and Martin Shah (Simmons & Simmons) answer questions on the complex due diligence and reporting obligations on affected financial institutions, individuals and entities since the implementation of the Common Reporting Standard on 1 January this year.
1. What is the Common Reporting Standard?
The Common Reporting Standard (CRS) is a cross border automatic exchange of information regime developed by the Organisation for Economic Cooperation and Development (OECD) at the behest of the G20 against the backdrop of public pressure to tackle tax evasion by wealthy individuals and corporations in the wake of the financial crisis.
It was inspired by the US Foreign Account Tax Compliance Act (FATCA) regime which imposes reporting obligations on non-US financial institutions to assist the US Internal Revenue Service to identify US taxpayers evading US tax on their offshore financial accounts.
The OECD was tasked with developing a single global standard for governments to annually...
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Hatice Ismail and Martin Shah (Simmons & Simmons) answer questions on the complex due diligence and reporting obligations on affected financial institutions, individuals and entities since the implementation of the Common Reporting Standard on 1 January this year.
1. What is the Common Reporting Standard?
The Common Reporting Standard (CRS) is a cross border automatic exchange of information regime developed by the Organisation for Economic Cooperation and Development (OECD) at the behest of the G20 against the backdrop of public pressure to tackle tax evasion by wealthy individuals and corporations in the wake of the financial crisis.
It was inspired by the US Foreign Account Tax Compliance Act (FATCA) regime which imposes reporting obligations on non-US financial institutions to assist the US Internal Revenue Service to identify US taxpayers evading US tax on their offshore financial accounts.
The OECD was tasked with developing a single global standard for governments to annually...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
