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Common Reporting Standard (CRS) Services

Common Reporting Standard (CRS) is the new way to exchange information between countries and demonstrates a worldwide approach to international regulatory and tax compliance.

What is CRS?

The Common Reporting Standard (CRS) developed by the Organisation for Economic Cooperation and Development (OECD) is the result of the consistent development of the exchange of information of tax-related data among governments. The exchange of information is intended to enable to the correct taxation of income and assets, and is an effective tool against tax evasion. The CRS involves the automatic exchange of information and replaces the previous model of information exchange on request as the new, globally dominant standard. By the end of 2018 it is anticipated that more than 100 other countries will have introduced the Common Reporting Standard (CRS). In concept, it is based on FATCA  and envisages an annual exchange of data between tax authorities. The tax authorities receive the corresponding data from the local financial institutions.

Although the Common Reporting Standard (CRS) follows a model OECD agreement, in practice implementation involves a lot of details and specific factors that have to be taken into account. This requires an early analysis of the individual situation by our tax, legal and accounting experts. Careful legal and tax planning is based on efficient accounting preparation of the data that is to be transferred via modern digital tools. These are essential for the timely, cost-effective and factually correct transfer of the relevant data.

Our CRS Service Solution

We can support you in fulfilling your CRS reporting obligations in the following ways:

  • Classification of entities for CRS
  • CRS impact assessment to include recommendation if remedial action is required
  • Identification of reportable accounts and the information to be reported under each regime
  • Due diligence processes and compliance programs: assistance in implementation
  • Timely reporting to relevant tax authorities

Do not hesitate to contact our CRS experts or check out our CRS reporting guide

 

The ultimate guide to FATCA & CRS for Fiduciaries (EN)

Partner, Chief Executive Officer (CEO)

Tax & Legal Advice
Foreign Account Tax Compliance Act (FATCA)
Finance and Banking

Director, Head of Regulatory & Compliance, Office Managing Director Zurich

Compliance
Foreign Account Tax Compliance Act (FATCA)
Common Reporting Standard (CRS) Services
Finance and Banking

Latest Releases

22 July 2018
Anna Szkudlarek
KENDRIS offers a full spectrum of CRS and FATCA services starting from helping financial institutions with fulfilment of their regulatory due diligence obligations to successful, automated submission of the regulatory reports. This fact sheet focuses on our reporting solution to assist you in the preparation and submission of reports under FATCA and CRS. Our technical team of legal, tax and accounting experts supported by our software based solution will provide you with a bespoke service to meet your particular needs and reporting obligations in a timely, accurate and efficient manner.