FATCA and CRS have many similar characteristics but are by no means the same. Take a look at this quick overview to fully understand the differences and impacts on fund managers.
FATCA – Foreign Account Tax Compliance Act
CRS – Common Reporting Standard
FATCA: Financial institutions (FIs) must register on the IRS portal to obtain a Global Intermediary Identification Number (GIIN).
CRS: There is no requirement to register and receive a unique identifier of compliance under CRS.
FATCA requires FIs to report on US account holders ONLY.
CRS requires FIs to report on almost all foreign tax residents which will result in significantly higher volumes of reporting.
The reporting requirements are the same as FATCA with the exception of:
Thresholds and Exemptions
There are less accounts in scope for due diligence and reporting under FATCA due to the minimum thresholds:
There are far more accounts in scope for due diligence and reporting under CRS.
For more information or support with CRS or FATCA, contact your local Apex office: Locations
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