FATCA and CRS

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CRS and FATCA overview and regulations

The tax information reporting landscape has changed substantially in recent years and is set to become even more complex in the future.

Evolving international tax regulations are challenging organizations around the world to implement new procedures to maintain compliancy. Thomson Reuters ONESOURCE™ offers an integrated solution that combines key requirements for both the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) compliance.

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FATCA & CRS: Navigating the Unknown (1:19)

FATCA & CRS Vendor ChecklistPDF – 90KB

Understanding FATCA and CRS Compliance

FATCA and CRS have similar characteristics on the surface, but underneath there are differences that make universal compliance complex and challenging.

FATCA

Introduced by the Internal Revenue Service (IRS), FATCA prevents US taxpayers who hold financial assets in non-US financial institutions and offshore accounts from avoiding taxation on their income and assets. Foreign financial institutions agree to report on these U.S. account holders or face 30% withholding on all U.S. income.

CRS

A global reporting standard for the automatic exchange of information (AEoI) set forth by the Organization for Economic Cooperation and Development (OECD). More than 96 countries share information on residents’ assets and incomes in conformation with reporting standards. CRS is more wide reaching than FATCA and requires a unified, cross-team effort to ensure readiness and compliance.

FATCA and CRS: how ready are you?

In this new era of global tax reporting there are more regulations than ever before around tax transparency. FATCA and CRS have a far-reaching global impact beyond the original intention of minimizing offshore tax evasion and regulating financial institutions. Our survey reveals the markets readiness for global tax reporting.

Whatever direction evolving legislation takes, Thomson Reuters will minimize the impact on your organization and future-proof your compliance program

Market-Leading CRS and FATCA Software

Thomson Reuters ONESOURCE offers market-leading software that simplifies the CRS and FATCA compliance process and removes the burden of formulating and implementing a new compliance policy. It also streamlines operational procedures and reduces resource requirements, saving time and money.

Flexible and Scalable

Thomson Reuters ONESOURCE AEOI easily integrates with your existing process to meet your specific needs. Our sophisticated software ensures seamless workflow and delivery as FATCA and CRS impact your day-to-day compliance procedures.

An Established and Trusted Platform

Thomson Reuters ONESOURCE AEOI has the knowledge and expertise to assess and improve existing reporting solutions to further enhance your organization’s reputation and improve client service standards.

FATCA and CRS Solution

Reporting

Global compliance reporting is rapidly becoming a new challenge for financial institutions. Thomson Reuters ONESOURCE AEOI Reporting offers an integrated solution that automates FATCA and CRS reporting to simplify your process.

Documentation

A major component of FATCA and CRS requires financial institutions solicit and validate client tax documentation. Thomson Reuters ONESOURCE AEOI Documentation helps you gather client information now to ensure a more cost effective, efficient and streamlined reporting process.

Research and Guidance

FATCA presents a complex web of new tax compliance obligations. Thomson Reuters offers in-depth analysis from recognized tax experts, practical perspectives, daily coverage of new developments and more to streamline your research and help you achieve the right outcome.

FATCA & CRS: How ready are you? Full Survey Report

As we enter a new era in global tax reporting with increasing regulations around tax transparency, Thomson Reuters has gathered industry views from across the globe to piece together a full picture on the financial market’s readiness for the Common Reporting Standard (CRS) and continued approach to the Foreign Account Tax Compliance Act (FATCA). A broad range of senior executives from across the globe participated in the survey.

Download the survey results for an overall analysis as well as reporting best practices across the industry. The analysis will also hopefully provide a benchmark to judge your own organization’s reporting process.

News & Blogs

  • CRS: Considerations for Reporting & Understanding Early Adopter Jurisdictions 19 Jul, 2017 - As mounting regulation furthers the drive for international tax transparency, the consequences of non-compliance are becoming clearer for global financial institutions. From criminal tax penalties to a rise in audit activity to reputational damage, tax professionals around the world are implementing new procedures to maintain compliance with the utmost urgency. By design, CRS is based [...]
  • Updated FATCA FAQs clarify FFI agreement renewal requirements 7 Jul, 2017 - IRS has revised its general frequently asked questions (FAQs) on the Foreign Account Tax Compliance Act (FATCA) to provide additional guidance on renewing foreign financial institution agreements.
  • FAQs provides FATCA guidance on applying for qualified derivatives dealer status 21 Feb, 2017 - IRS has recently updated its list of general frequently asked questions (FAQs) under the Foreign Account Tax Compliance Act (FATCA), to provide information on how to apply for qualified derivatives dealer (QDD) status. Four new questions and answers (FAQ Nos. 10-13) have been added under the heading "Qualified Intermediaries/Withholding Foreign Partnerships/Withholding Foreign Trusts" ( QI/WP/WT).

Expand tax operation capabilities to meet increasing regulatory demands

A significant impact on the compliance process for organizations around the world, FATCA and CRS are transforming the global tax framework and presenting complex and arduous challenges. Find out everything you need to know about FATCA and CRS global reporting requirements.