Introduction
The introduction of US FATCA in 2010 saw a clamp down on US citizens evading tax, an initiative that was to change the face of the fight on financial crime. It triggered similar actions on a global level and in particularly the introduction of Common Reporting Standard (CRS) by the 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) – an agreement to share information on residents’ assets and incomes. CRS employed a bigger part of the existing FATCA model but with a far more ambitious reach.
On 21 July 2014 ,The Common Reporting Standard (“CRS”) was developed, accordingly, the financial institutions need to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
Over 95 jurisdictions have committed to exchanging information under CRS with a group of over 60 countries having committed to the early adoption of CRS. Obliges entities which are classified as Reporting Financial Institutions under CRS to report certain information to Revenue on their customers for onward reporting to the countries of tax residence of those customers.
Most of the countries, including UAE will begin implementing the standards of joint disclosures and the exchange of information for tax purposes set out by the G20 and OECD. in accordance with the Foreign Account Tax Compliance Act (FATCA), from September 2018.
The CRS takes effect from 1 January 2017 in the United Arab Emirates. However, unlike FATCA, the CRS will be a pure reporting regime with no withholding tax. UAE tax resident entities and UAE branches of foreign entities, similar to FATCA, will need to determine whether or not they are classified as reporting UAE financial institutions under the UAE CRS provisions with reporting obligations.
This practical course will give you a thorough understanding of the Common Reporting Standard reporting requirements and will help you determine the most effective ways of complying with this regulation. From identifying reportable accounts and conducting due diligence to setting up reporting framework and data management challenges. You will gain all the tools to set up and manage CRS within your organization.
Who Should Attend
Covered persons working in the private banking space
Course Objectives
- What is Common Reporting Standard (CRS)
- How will it impact your clients and you?
- Gain an overall awareness of CRS .
- How to comply with CRS.
Programme Outline
- What Is Common Reporting Standard (“CRS”)?
• Background to the CRS reporting requirements
• Impact of CRS on the Financial Services Industry
• What does its key elements?
• The text of the Common Reporting and Due Diligence Standard (CRS) - What Information Will Be Disclosed Under The Common Reporting Standard (“CRS”)?
• Existing accounts
• New accounts
• Relationship manager inquiry for actual knowledge - The Difference between FATCA & CATCA?
• The key differences between CRS & FATCA
• Revenue’s perspectives on CRS and its implementation in Ireland
• What we can learn from FATCA implementation which will help avoid the same mistakes under CRS - How can we comply with CRS?
• What you should be doing to achieve CRS compliance
• Some of the tools which are available to assist you in achieving CRS compliance