Foreign Account Tax Compliance Act Training
Foreign Account Tax Compliance Act (FATCA) Common Reporting Standard (CRS) Workshop
Course Overview
The introduction of US FATCA (Foreign Account Tax Compliance Act) in 2010 saw a clamp down on US citizens evading tax by imposing a 30% withholding tax penalty, an initiative that was to change the face of the fight on financial crime. This regulation has spread and triggered similar initiatives on a global level and in particularly the introduction of Common Reporting Standard (CRS) by the Organization for Economic Co-operation and Development (OECD), a wider global tax transparency initiative.
In February 2014, G20 finance ministers and governors endorsed the CRS as the new global standard for the Automatic Exchange of Information (AEoI). On May 6, 2014, forty-seven countries tentatively agreed on the CRS initiative, an agreement to share information on residents’ assets and incomes automatically in conformation with the standard. CRS employed a bigger part of the existing FATCA model but with a far ambitious reach.
Join us on this 1 day workshop you will learn about the requirements and solutions for complying with both regimes as well as about the key classifications, definitions and evaluations.
By the end of the programme you will have a solid understanding of:
- Understand the scope and impact of FATCA/CRS reporting
- Differences and similarities between different reporting standards
- Learn about customer identification and classification
- Learn the best practices in complying with FATCA/CRS
- Implementation of FATCA/CRS framework
- The best reporting practices
- Data Standards and Importance of Reference Data
- Implementation challenges and key success factors
