UK:
The Common Reporting Standard: What Expatriates And Individuals With Assets Held Overseas Need To Know
19 June 2017
Alliott Group (International)
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The creation of a global tax reporting network under the
rules of the Common Report Standard ('CRS') is well under
way. Following implementation of the Foreign Account Tax Compliance
Act (FATCA) in 2010 in the United States, the OECD has, in response
to a request from the G20, pushed CRS forward since 2014. Today,
101 jurisdictions are now in agreement to start automatically
exchanging information by 2018 under CRS or what some are referring
to as "global FATCA".
CRS is certainly a gamechanger and expatriates will need to pay
attention. Feedback from members of Alliott Group's
International Tax Services Group indicates in this short report
that deadlines for implementation may however be over ambitious in
certain less developed countries and that national tax laws in some
countries could make CRS rules open to interpretation.
Read the full article:
https://www.alliottgroup.net/practice-management-resources-for-owner-managed-firms/common-reporting-standard-crs-explained/
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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