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Check the CRS: How Investment Funds Can Prepare for Common Reporting Standards
Posted by Tracy Dalpe on Tue, Nov 14, 2017 @ 07:28 AM

Across the world, countries are trying to combat potential tax evasion practices by increasing reporting requirements and tax transparency for cross-border business activities. One of the primary ways the U.S. addresses the tax evasion issue is through the Foreign Account Tax Compliance Act (FATCA). The Organisation for Economic Co-Operation and Development (OECD) has also taken an interest in worldwide tax transparency and used the FATCA as a model for its global tax transparency program, the Common Reporting Standard (CRS). CRS creates an information exchange among participating countries. To date, more than 100 countries have adopted CRS, including the United Kingdom, Italy, Spain, Luxembourg, Portugal, France, and the Cayman Islands.

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Topics: FATCA, Tracy Dalpe, Common Reporting Standards, CRS, Investment Funds, Foreign Account Tax Compliance Act, OECD, Passive Non-Financial Entity

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