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.
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.
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.
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.
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 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 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 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
Global compliance reporting is rapidly becoming a new challenge for financial institutions. Thomson Reuters offers an integrated solution that automates FATCA and CRS reporting to simplify your process.
A major component of FATCA and CRS requires financial institutions solicit and validate client tax documentation. Gather client information now to ensure a more cost effective, efficient and streamlined reporting process.
News & Blogs
- Apple-Ireland EC Tax Ruling Could Shape Corporate Tax Policies 4 Oct, 2016 - The European Commission (EC) ruling that Ireland provided illegal tax benefits to Apple could cost Apple €13 billion ($14.5 billion) and significantly impact how companies do business in Europe. The ruling also underscores the challenges the EC increasingly faces and predicts how decisions made in Brussels could impact US tax revenues. The EC takes a [...]
- AEOI & Inter-Governmental Agreements: Shakeups are on the Horizon 20 Sep, 2016 - The Department of Treasury and the IRS recently issued Announcement 2016–27, which is an “Update on Jurisdictions Treated as If They Have an IGA in Effect.” This is significant because it paves the way for a shakeup in the landscape of jurisdictions that signed, but not implemented, an IGA and were therefore treated as having [...]
- A Technological Approach to Tax Transparency 1 Jul, 2016 - This post is part two of a three-part series on complying with new tax transparency regulations such as FATCA and CDOT. Read part 1 here. The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 to give the U.S. tax authority better information to detect tax avoidance and evasion. Four years later, a [...]