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    Tax Reporting

  • Regarding to FATCA, UK CDOT and CRS, one of the main advantage of the platform, is the ability to automatically perform accounts classifications, by processing client’s data.

    FATCA

    FATCA is a standard for:

    • The collection of financial account information by financial institutions in participating jurisdictions on account holders who are US;
    • The reporting of that information to the National Tax Authority; and
    • The transmission of that information with the IRS.

    Like CRS, FATCA includes a requirement for financial institutions to look through into passive entities and trusts and report their relevant Controlling Persons.

     

    Qualified Intermediary (QI)

    After its successful implementation of FATCA and CRS reporting, TALEO Reporting extends its module to cover Qualified Intermediary (QI) to offer a common platform.

     

    UK CDOT

    The United Kingdom Crown Dependencies and Overseas Territories reporting, also called “UK FATCA” aims to follow the same logic as US FATCA and CRS which is to collect and report accounts information about persons that declared tax residency in CDOT countries.

     

    CRS (AEOI)

    The Common Reporting Standard (CRS), or also called Automated Exchange of Informations (AEOI), provides a common international standard for:

    • The collection of financial account information by financial institutions in participating jurisdictions on account holders who are residents in other jurisdictions;
    • The reporting of that information to the National Tax Authority; and
    • The exchange of that information with the respective tax authorities of the non-residents.

    The CRS includes a requirement for financial institutions to look through into passive entities and trusts and report their relevant Controlling Persons.

    After its successful implementation of FATCA reporting, TALEO Reporting extends its module to cover CRS to offer a common platform.

     

    BEPS

    The BEPS Action 13 report (Transfer Pricing Documentation and Country-by-Country Reporting) provides a template for multinational enterprises (MNEs) to report annually and for each tax jurisdiction in which they do business the information set out therein. This report is called the Country-by-Country (CbC) Report.

    To facilitate the implementation of the CbC Reporting standard, the BEPS Action 13 report includes a CbC Reporting Implementation Package which consists of (i) model legislation which could be used by countries to require the ultimate parent entity of an MNE group to file the CbC Report in its jurisdiction of residence including backup filing requirements and (ii) three model Competent Authority Agreements that could be used to facilitate implementation of the exchange of CbC Reports, respectively based on the:

    1. Multilateral Convention on Administrative Assistance in Tax Matters;
    2. Bilateral tax conventions; and
    3. Tax Information Exchange Agreements (TIEAs).
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