As you may be aware FATCA is a U.S. law that aims to fight tax evasion by U.S. persons. The primary objective of the law is for Foreign Financial Institutions (FFIs), i.e. non-U.S. financial institutions to uncover and report any U.S. persons that hold assets abroad to the Internal Revenue Service (IRS).
Another global initiative for combating tax evasion is the CRS – the initiative for world tax transparency adopted by the Organization for Economic Cooperation and Development (OECD). Like FATCA, the CRS requires all financial institutions resident in a participating jurisdiction to identify and report any reportable accounts (typically persons that are tax resident in CRS participating jurisdictions).
At ZeroTolerance we can also ensure your compliance with FATCA and CRS reporting meet the requirements and standards by
- Determining the classification of the entity under the regulations and whether it is subject to the compliance requirements;
- Analyzing the impact as well as the current gaps within the entity (e.g. products, systems, departments, processes, etc.) that need to be addressed in order to comply with the regulations;
- Assistance with the reporting process to the relevant authority/regulator;
- Providing continuing assistance in dealing with FATCA/CRS queries
- Ensuring the updates on technical developments, deadlines and any regulatory changes are fully implemented and followed; Do not hesitate to contact us at firstname.lastname@example.org in order to receive a reliable consultation about FATCA & CRS compliance and reporting issues.