FATCA & CRS
At NCMB, we understand the importance of navigating the complexities of international tax compliance regulations, such as the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS).
More detailed overview and key aspects:
Navigating FATCA and CRS regulations can be challenging, but NCMB is here to simplify the process for you.
Our dedicated team specialises in providing comprehensive solutions to ensure your firm’s compliance with these regulations, allowing you to focus on your core business activities with peace of mind.
Determining your entity’s classification and understanding reporting obligations under FATCA and CRS can be complex. We assist you in accurately classifying your entity and ensure timely and accurate reporting to the relevant tax authorities.
GET IN TOUCH
We look forward to hearing from you
Get in touch with our firm, a trusted financial partner, built for the speed and regulatory complexity of today.
Frequently Asked Questions
What is the Common Reporting Standard (CRS)?
CRS is a global standard for the automatic exchange of financial account information between tax authorities of different countries to combat tax evasion.
Who is affected by CRS?
Financial institutions, including banks and investment firms, are responsible for reporting account information to their local tax authorities. Account holders with foreign financial accounts may be affected as their information is shared with tax authorities in other countries.
What information is reported under CRS?
Information typically includes account balances, interest, dividends, and other income generated by financial accounts held by non-residents.
Is CRS similar to FATCA?
Yes, CRS shares similarities with FATCA in terms of information exchange, but it is a more comprehensive global initiative, whereas FATCA is a U.S. law.
Who is affected by FATCA?
Foreign financial institutions (FFIs) are directly affected by FATCA and must report account information to the IRS. U.S. taxpayers with foreign financial accounts are also affected as they must report these accounts to the IRS.
What information is reported under FATCA?
Information includes account balances, interest, dividends, and other income generated by financial accounts held by U.S. taxpayers.
What happens if a foreign financial institution doesn't comply with FATCA?
Non-compliant FFIs may face a 30% withholding tax on certain U.S.-sourced payments, like dividends and interest.
Our specific work
We keep the complexities to ourselves, instead focusing on providing you with the tangible end output that is important to your business objectives.
Partner involvement & Expertise
Our managing partners are directly involved across each practice area, ensuring a unmatched level of expertise and strict quality control across every aspect of our firm.
Results
oriented
We keep the complexities to ourselves, instead focusing on providing you with the tangible end output that is important to your business objectives.
Flexibility & scalability
Our service delivery is tailored to each individual client. We go above and beyond to guide you through new territory, acting as your trusted financial partner at all stages of your growth journey.
Fast & efficient
We offer prompt, proactive service. Our mentality is to support businesses with speed and agility in a commercial environment that is more competitive than ever before, not to slow you down.