Financial institutions face ever-increasing obligations with regards to tax reporting between jurisdictions. Ensuring compliance with the Common Reporting Standard (“CRS”) and Foreign Account Tax Compliance (“FATCA”) legislation in the US and the UK can be time-consuming.
US FATCA requires non-US financial institutions to report to the US Internal Revenue Service details of accounts held by US citizens or taxpayers. UK FATCA is similar regulation that requires financial institutions in the Crown Dependencies and Overseas Territories to report on accounts they hold for the benefit of UK tax residents. The goal of the FATCA regulatory regimes is to identify those who may be evading tax in their home countries.
The CRS is a global standard for reporting such information. The CRS allows tax authorities to gain a clearer understanding of financial assets held abroad by their residents. The US and UK FATCA legislation and the CRS are collectively known as Automatic Exchange of Information (AEoI).
Conyers’ lawyers and fiduciaries can help you reduce the potentially serious commercial, reputational and financial risks of non-compliance with FATCA and CRS reporting obligations and assist with preparation of tax documentation.
Our FATCA and CRS administration services include:
- Assisting on the application of FATCA and CRS
- Assisting on entity classification, local and foreign tax authority registration, obtaining “GIINs” and notifications and liaison with local authorities
- Assisting on availability of exemptions, self-certification and due diligence requirements
- Drafting or reviewing CRS policies and procedures
- Drafting or reviewing language for offering materials, constitutional and other documents
- Preparation of IRS and CRS compliant tax documentation
- Preparation and filing of reports to satisfy applicable legal requirements
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