Hatice Ismail (Simmons & Simmons) examines the vulnerabilities and safeguards built into the CRS, including as implemented in the UK, and considers the possible implications of a successful taxpayer challenge.
The common reporting standard (CRS) is under attack. An EU national has made a complaint to the UK data protection regulator the Information Commissioner’s Office (ICO) copying in the EU data protection authorities about HMRC and its implementation of the CRS. The CRS is an automatic exchange of information regime which so far more than 100 jurisdictions have implemented under local law with the aim of combating tax evasion. It was developed by the Organisation for Economic Cooperation and Development (OECD) at the request of the G20 and is modelled on the US Foreign Account Tax Compliance Act (FATCA) regime.
Under CRS financial institutions are required on an annual basis to...
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Hatice Ismail (Simmons & Simmons) examines the vulnerabilities and safeguards built into the CRS, including as implemented in the UK, and considers the possible implications of a successful taxpayer challenge.
The common reporting standard (CRS) is under attack. An EU national has made a complaint to the UK data protection regulator the Information Commissioner’s Office (ICO) copying in the EU data protection authorities about HMRC and its implementation of the CRS. The CRS is an automatic exchange of information regime which so far more than 100 jurisdictions have implemented under local law with the aim of combating tax evasion. It was developed by the Organisation for Economic Cooperation and Development (OECD) at the request of the G20 and is modelled on the US Foreign Account Tax Compliance Act (FATCA) regime.
Under CRS financial institutions are required on an annual basis to...
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:
