FATCA & CRS Identity
FATCA & CRS Identity An integrated solution to simplify the W-8 Validation & Collection process
ONESOURCE helps accelerate the tax documentation process
The global move toward tax transparency is challenging the international tax world to implement new procedures in order to maintain compliancy. Under new legislation, FATCA and CRS require financial institutions solicit client data and validate tax documentation. The timeframe to implement a FATCA and CRS strategy is ambitious. It’s imperative to begin gathering client information now to ensure a more cost effective, efficient and streamlined reporting process.
What to know
FATCA, introduced by the Internal Revenue Service, prevents US taxpayers who hold financial assets in non-US financial institutions and offshore accounts from avoiding taxation on their income and assets.
CRS is the global reporting standard for the automatic exchange of information (AEoI) set forth by the Organization for Economic Cooperation and Development (OECD).
Both FATCA and CRS require financial institutions gather client data and validate tax documentation. While they may have similar characteristics such as this on the surface, underneath there are major differences.
Gathering IRS forms, including W-8 and W-9s, as well as self-certifications is a burdensome and time-consuming task prone to inaccuracies and intrusive to customers.
While FATCA and CRS have helped define the self- certification process, it’s causing strain on financial institutions who must now manage multiple forms across numerous jurisdictions.
Thomson Reuters simplifies and accelerates the tax documentation process. We facilitate the collection, validation and maintenance of tax forms and self-certifications in any jurisdiction.
Our market-leading solution monitors forms for changes, provides real-time document validation and resolves issues surrounding regulatory compliance, tax documentation and tax reporting. Implementing an automated system and self-certification process increases accuracy and reduces cost, while improving audit defense and scalability.
It’s a new era in tax transparency and Thomson Reuters is your established and trusted partner amidst the changing landscape.
Achieving tax documentation success
The global move toward tax transparency represents a prime opportunity for firms to demonstrate conscientious business culture and enhance their reputation. Evolving international tax regulations is challenging financial firms around the world to implement new procedures in order to maintain compliance. Thomson Reuters is your established and trusted partner. We stay one-step ahead of the regulations so you can future-proof your tax documentation and global compliance strategy.
Request a Demo