Happy New Year! (To the year of the Rooster 2017),
Not many members or the media are mentioning about the new int'l law/rule which starts in 2017 & 2018.
(Over 50-55 countries in 2017 and another 30 or so in 2018).
To be brief, CRS is the Common Reporting Standard and it is also referred to as GATCA (Global Account Tax Compliance Act).
It is considered a “Global Version” of FATCA designed to further crack down on offshore tax evasion and non-reporting of financial accounts.
There are some differences such as regarding citizenship(FATCA) vs. residency(CRS) or the amount.
You will need to do some research for your own country if you think you can be applied. For example, if you have a FX or other
trading accounts in other countries, you will be applied.
These are some excerpts from the wiki.
The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law to enforce the reqiuirement for United States persons including those living outside the U.S. to file yearly reports on their non-U.S. financial accounts to the Financial Crimes Enforcement Network (FINCEN). It requires all non-U.S. (foreign) financial institutions (FFIs) to search their records for indicia indicating U.S. person-status and to report the assets and identities of such persons to the U.S. Department of the Treasury.[1] The FATCA was the revenue-raising portion of the 2010 domestic jobs stimulus bill, the Hiring Incentives to Restore Employment (HIRE) Act,[2][3] and was enacted as Subtitle A (sections 501 through 541) of Title V of that law.
Common Reporting Standard
The Common Reporting Standard (CRS), formally referred to as the Standard for Automatic Exchange of Financial Account Information, is an information standard for the automatic exchange of information (AEoI), developed in the context of the Organisation for Economic Co-operation and Development (OECD). The legal basis for exchange of data is the Convention on Mutual Administrative Assistance in Tax Matters and the idea is based on the USA Foreign Account Tax Compliance Act (FATCA) implementation agreements.
And some readings to do:
Best Pip Wishes!
FxCross
Not many members or the media are mentioning about the new int'l law/rule which starts in 2017 & 2018.
(Over 50-55 countries in 2017 and another 30 or so in 2018).
To be brief, CRS is the Common Reporting Standard and it is also referred to as GATCA (Global Account Tax Compliance Act).
It is considered a “Global Version” of FATCA designed to further crack down on offshore tax evasion and non-reporting of financial accounts.
There are some differences such as regarding citizenship(FATCA) vs. residency(CRS) or the amount.
You will need to do some research for your own country if you think you can be applied. For example, if you have a FX or other
trading accounts in other countries, you will be applied.
These are some excerpts from the wiki.
The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law to enforce the reqiuirement for United States persons including those living outside the U.S. to file yearly reports on their non-U.S. financial accounts to the Financial Crimes Enforcement Network (FINCEN). It requires all non-U.S. (foreign) financial institutions (FFIs) to search their records for indicia indicating U.S. person-status and to report the assets and identities of such persons to the U.S. Department of the Treasury.[1] The FATCA was the revenue-raising portion of the 2010 domestic jobs stimulus bill, the Hiring Incentives to Restore Employment (HIRE) Act,[2][3] and was enacted as Subtitle A (sections 501 through 541) of Title V of that law.
Common Reporting Standard
The Common Reporting Standard (CRS), formally referred to as the Standard for Automatic Exchange of Financial Account Information, is an information standard for the automatic exchange of information (AEoI), developed in the context of the Organisation for Economic Co-operation and Development (OECD). The legal basis for exchange of data is the Convention on Mutual Administrative Assistance in Tax Matters and the idea is based on the USA Foreign Account Tax Compliance Act (FATCA) implementation agreements.
And some readings to do:
Best Pip Wishes!
FxCross
Attached File(s)
automatic-exchange-financial-account-information-common-reporting-standard.pdf
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