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| | | | Common Reporting Standard
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| | Dear Clients,
The endeavour to enhance international tax compliance continues to grow in prominence placing additional and cumbersome compliance conventions on Financial Institutions year on year. From FATCA to CDOT and now the Common Reporting Standard.
The Common Reporting Standard, also referred to as the Standard or CRS, is a globally coordinated approach to improve tax compliance by enhancing automatic exchange of information. As you are aware, CRS is deemed to be a global version of FATCA thus entailing a major increase in reporting requirements as well as complex data collection. Hitherto, more than 100 jurisdictions have adhered to OECD’s Standard.
CRS will have a mammoth impact on the system and culture of the financial sector. Financial Institutions shall keep abreast of new regulations around the world which involves dealings with numerous tax authorities, sensitising their clients and investors as well as managing the different deadlines. The approach to be adopted for the implementation of CRS is of paramount importance inasmuch as the foregoing necessitates efficient methodologies to ensure compliance at a reasonable operational cost.
ITL may assist you in the implementation of the Standard. Our team may determine the applicability of CRS for your structure and provide a robust methodology enabling you to meet your obligations pertaining to CRS, including your reporting obligations.
Click here to view our CRS Brochure.
Feel free to contact us should you have any query.
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| | DISCLAIMER The information in this e-newsletter was prepared by Intercontinental Trust Limited to provide potential clients with a broad overview of the opportunities available in Mauritius. While all reasonable care has been taken in the preparation of this e-newsletter, Intercontinental Trust Limited accepts no responsibility for any errors it may contain, whether caused by negligence or otherwise, or for any loss, however caused, sustained by any person that relies on it. Readers are advised to consult with appropriate, qualified professional advisors before taking action. Intercontinental Trust Limited will be pleased to discuss any specific issues.
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