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.
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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.
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