The creation of a global tax reporting network under the rules of the Common Report Standard ('CRS') is well under way. Following implementation of the Foreign Account Tax Compliance Act (FATCA) in 2010 in the United States, the OECD has, in response to a request from the G20, pushed CRS forward since 2014. Today, 101 jurisdictions are now in agreement to start automatically exchanging information by 2018 under CRS or what some are referring to as "global FATCA".
CRS is certainly a gamechanger and expatriates will need to pay attention. Feedback from members of Alliott Group's International Tax Services Group indicates in this short report that deadlines for implementation may however be over ambitious in certain less developed countries and that national tax laws in some countries could make CRS rules open to interpretation.
Read the full article: https://www.alliottgroup.net/practice-management-resources-for-owner-managed-firms/common-reporting-standard-crs-explained/
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