Soon to be released 'Common Reporting Standard' promises new FATCA-type obligations around the world

January 2014


The starting date for various obligations under the Foreign Account Tax Compliance Act (FATCA) is July 1, 2014. Some associate this date with a long and weary process that started back in 2010 with the passage of the United States HIRE Act, but it also marks a milestone in the ever increasing movement towards greater tax transparency. Even before this date, another significant milestone is set to occur -- the release of the Common Reporting Standard (CRS) in February 2014 by the Organisation for Economic Cooperation and Development (OECD). Like US FATCA, the CRS will require financial institutions around the globe to play a central role in providing tax authorities with greater access and insight into taxpayer financial account data including the income earned in these accounts.

Contact us

Frank Serravalli
Financial Markets Practice Leader
Tel: +1 (646) 742 7510

John Gibson
Tel: +1 (202) 414 4691

Scott Dillman
Tel: +1 (646) 471 5764

Candace Ewell
Tel: +1 (202) 312 7694

Follow us