In June 2014, the US Foreign Account Tax Compliance Act (FATCA) laid the first foundation for a bilateral, structured data exchange between the United States and various countries around the globe. The current Automatic Exchange of Information (AEoI) propagated by the OECD is intended to replace the existing bilateral agreements and to provide a fully comprehensive worldwide directive for a regular automatic data exchange. The core element of the standard, which consists of three parts, is the so-called Common Reporting Standard (CRS). It extends the FATCA Model I Agreement in the areas of

  • Financial institutions
  • Products
  • Requirements for due diligence
  • Reporting

The Automatic Exchange of Information is based on:

  1. the Model Competent Authority Agreement (MCAA) which defines the information to be transferred, its transfer modalities as well as the responsibilities of authorities,
  2. the Common Reporting Standard (CRS) which has to be incorporated into national tax legislation and contains rules for the identification of the reportable persons and the accounts to be conveyed
  3. the commentaries which guarantee the minimum requirements for secure data transfer.

Learn more about CRS

Watch our webinar on "CRS – Status Quo and the Way Forward"

what is the status quo of the tax transparency initiative? What are the challenges that new joiners are facing? And looking retrospectively, how successful has the CRS been so far? Are there specific learnings from the past years which can be shared with new joiners when it comes to software or project management? Are there best practices of implementing CRS requirements together with other compliance practices?

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How to tackle tax reporting challenges?

What are the differences between FATCA and CRS and what are the biggest challenges with CRS? How does CRS affect the way financial institutions must approach their operations and is outsourcing of CRS reporting is an option?

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Watch our webinar "CRS Reporting: Lessons learned from early adopter countries"

In this webinar, you can learn how financial institutions in Europe and the US are overcoming their challenges with FATCA and CRS reporting projects using FiTAX as their reporting solution.

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