Vistra Insights

What every business should know about the Common Reporting Standard and FATCA

How to comply with the OECD's Common Reporting Standard (CRS) and FATCA

September 15, 2020

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Over 135 countries and jurisdictions are part of the OECD/G20 Inclusive Framework on BEPS, a global effort to address tax avoidance and create more transparent tax landscape. As part of this effort, the OECD has developed the Common Reporting Standard, or CRS. The OECD explains that the CRS “calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.” 

The CRS is modeled in part on the United States’ Foreign Account Tax Compliance Act (FATCA), which requires certain non-U.S. institutions to report on foreign assets held by their U.S. account holders. While there are differences between the regulations, the CRS is essentially a global version of FATCA.

The most significant burdens imposed by the CRS and FATCA are borne by financial institutions and certain other entities. That said, virtually all businesses should understand the basic concepts driving the regulations and what they need to do to comply. For example, a business may need to provide their financial institutions with entity tax residency self-certification forms to comply with the CRS.  

This webinar provides context for the CRS and FATCA and summarizes what businesses should know to lower their related risks. Here’s some of what we’ll cover: 

  • The reasons for the regulations 

  • Institutions and businesses that must comply 

  • Financial information subject to collection and reporting under the CRS and FATCA 

  • The consequences of non-compliance 

  • A CRS case study 

Presented by:

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Declan Goodwin Michael Thomas

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