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    FATCA/QI, UK CDOT & CRS (AEOI)

  • 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.

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