COMMON REPORTING STANDARD (CRS) – UNDERSTANDING THE INTENTION AND OVERCOMING CHALLENGES

An article from the International Chamber of Commerce Academy says that since the introduction of OECD CRS and the US Foreign Account Tax Compliance Act (FATCA) agreements, tax transparency has become increasingly important for financial institutions and wealth managers around the globe.  Why and what kind of information needs to be reported by financial institutions?  What are the major challenges?  How does it influence the client relationship and experience?  What is key for financial institutions?  The article, a guest post, sets out to try to answer some of these questions.

https://icc.academy/understanding-common-reporting-standard

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017