The Common Reporting Standard (CRS) promises to go way beyond FATCA’s remit to ensure global-wide tax compliance. And while some similarities and overlap between FATCA and CRS, the main thing is that CRS will see a significant increase in client remediation, customer due diligence and reporting obligations. In this paper, Laura Glynn explores the differences and commonalities that exist between FATCA and CRS, and defines a 5-point approach to implementing a best practice CRS compliance process.
This paper explores the differences and commonalities that exist between FATCA and CRS. The aim of this exercise is to ensure the differences between these two tax regulations are understood and that the similarities can be leveraged to create and implement an efficient CRS compliance process.
In helping financial institutions to implement a best practice approach to CRS compliance, we outline a 5-point plan to achieving this efficiently and effectively. Finally, there are 6 key considerations that need to be noted while implementing a best practice approach to CRS tax compliance, which is examined in the final section of this paper.