FATCA And CRS Compliance In The Middle East
FATCA And CRS Compliance In The Middle East
FATCA is a piece of American legislation designed to prevent citizens from evading taxes. The law’s intention is for non-US financial institutions, or Foreign Financial Institutions (FFIs), to identify and notify the Internal Revenue Service (IRS) of any American citizens who possess assets overseas through the Common Reporting Standard (CRS).
The Organization for Economic Cooperation and Development (OECD) launched the CRS, a global tax transparency program, in response to the Financial Accounting Transparency Act (FATCA). The CRS is a comprehensive reporting system that heavily borrows from the intergovernmental strategy used to implement FATCA and aims to combat offshore tax evasion.
Like FATCA, the CRS mandates that all financial institutions that are based in a participating jurisdiction identify and disclose any accounts that are subject to reporting requirements (usually, these are individuals who are tax residents in a participating country). More than 100 jurisdictions, including Bahrain, Kuwait, Lebanon, Qatar, Saudi Arabia, and the United Arab Emirates, had either signed or agreed to sign the CRS as of May 2018.
The Organization for Economic Cooperation and Development (OECD) launched the CRS, a global tax transparency program, in response to the Financial Accounting Transparency Act (FATCA). The CRS is a comprehensive reporting system that heavily borrows from the intergovernmental strategy used to implement FATCA and aims to combat offshore tax evasion.
Like FATCA, the CRS mandates that all financial institutions that are based in a participating jurisdiction identify and disclose any accounts that are subject to reporting requirements (usually, these are individuals who are tax residents in a participating country). More than 100 jurisdictions, including Bahrain, Kuwait, Lebanon, Qatar, Saudi Arabia, and the United Arab Emirates, had either signed or agreed to sign the CRS as of May 2018.
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