Common Reporting Standards
The Common Reporting Standard (“CRS”) went live in 54 countries from 1 January 2016 and is due to follow in a further 47 countries over the course of 2017.
CRS represents a major advance in the international fight against tax evasion, providing for the automatic exchange of detailed financial account information across over 100 jurisdictions. It obliges all Financial Institutions (“FI”) in participating jurisdictions to:
Identify their financial accounts;
Identify reportable persons; and
Report financial account information on an annual basis.
Revenue authorities will then use this information as a basis for tax enquiries, meaning that the accuracy of the return is critical for an FI’s reputation with its customers. As the return is submitted through the domestic tax authority, any issues will also affect the reputation of an FI with its domestic regulators.
Our experienced team can draw on the practical knowledge of over 50 AEoI implementation projects in the UK and overseas to help you develop governance around your ongoing compliance procedures and meet your due diligence and reporting obligations and be ready for a Revenue authority compliance review.
If you are interested in learning more about our market-leading CRS offering, our specialists will be pleased to arrange a complimentary, “no-obligation”, consultation.