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.
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
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.
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.
News & Blogs
- Final, temporary regs modify, add to, FATCA reporting and withholding rules 4 Jan, 2017 - IRS has issued final and temporary regs that modify and add to existing regs under the Foreign Account Tax Compliance Act (FATCA), on the subjects of information reporting by foreign financial institutions (FFIs) with respect to U.S. accounts and withholding on certain payments to FFIs and other foreign entities.
- IRS releases final qualified intermediary withholding agreement 3 Jan, 2017 - January 3, 2017 Rev Proc 2017-15, 2017-3 IRB Revenue Procedure 2017-15; Qualified intermediary withholding agreement. In a Revenue Procedure, IRS has set out the final qualified intermediary withholding agreement (QI agreement) that foreign persons may enter with IRS under Reg. § 1.1441-1(e)(5) to simplify their obligations as withholding agents under chapters 3 and 4 and [...]
- 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 [...]