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Automatic Exchange of Information and CRS
Overview
Governments across the world are increasingly putting tax transparency at the top of their agenda. The OECD developed the Common Reporting Standard (CRS) as a global reporting standard to achieve a comprehensive and multilateral automatic exchange of information (AEoI) framework. This will impact a wide variety of financial and non financial institutions.
CRS imposes obligations on Financial Institutions to:
- collect information to establish their customers’ country of tax residence
- report account holder information to their local tax authorities who will then exchange this information with the tax authorities of countries where the account holder is resident.
More than 100 countries have adopted CRS to automatically exchange information on customers that are tax resident in co-signatory jurisdictions. CRS is an additional reporting obligation separate from FATCA. CRS went live on 1 January 2016 when early adopter countries started to gather data so that they could report this to tax authorities in 2017. The Isle of Man's annual reporting deadline is 30 June.
How we can help?
We are working with a number of Financial Institutions to identify what changes they need to make to be CRS compliant with their account holder due diligence and reporting.
We have the breadth of technical expertise to assist you with planning for CRS implementation and its impact on the wider business, including:
- Identifying participating entities within the group
- Project approach
- Effective gap analysis between CRS and FATCA
- Information technology and systems changes
- Amending documentation
- Compliance assurance
- The customer experience
- Training and communications
We are able to provide tax information reporting with our market leading software.
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