ARTICLE · 12 OCTOBER 2016

Opposing Positions

Carey Olsen

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Carey Olsen

Carey Olsen

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It is nearly a year since tax authorities around the world sent their first sets of Foreign Account Tax Compliance Act (FATCA) reports to the US Internal Revenue Service.

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It is nearly a year since tax authorities around the world sent their first sets of Foreign Account Tax Compliance Act (FATCA) reports to the US Internal Revenue Service.

These were compiled by financial institutions under the terms of applicable inter-governmental agreements (IGAs) in their respective jurisdictions. Now those same financial institutions are starting to prepare for the common reporting standard (CRS) which, for the 55 early adopter jurisdictions, was introduced with effect from 1 January 2016.

Building upon the Model 1 IGA template issued by the US to enable jurisdictions to comply with FATCA, the CRS is a separate regime for automatic exchange of information developed by the OECD.

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