AEOI is not new, the push to exchange more information has become more global in scope. Aiming to reduce tax evasion through transparency, OECD’s Common Reporting Standard (CRS) builds on the US Foreign Account Tax Compliance Act (FATCA) to take another step towards a globally coordinated approach to the automatic exchange of financial account information of non-resident customers and investors.
Wincore Advisory Group helps make global information reporting manageable. AEOI involves the systematic transmission of large amounts of banking information (such as investment income) from the tax administration where the bank or investment accounts are held to the tax administration where the taxpayer is resident. The resident tax administration can then verify whether the income has been reported accurately by the taxpayer.
The financial institutions around the globe are faced with significant additional identification and reporting responsibilities, which may differ in scope and timing. They need to be able to collect and track complex, varied customer information quickly and easily in each jurisdiction where they operate. There are both reputational and financial risks of getting AEOI wrong.
The optimistic compliance time frame is to extend resources. The lack of clear assistance & direction means organizations have no clarity – much less consistency – in how the rules will work across all of their operating markets. Several organizations are still struggling to understand how they should prepare for AEOI.
In order to move forward with confidence in the midst of uncertainty, WINCORE ADVISORY GROUP has developed a suite of solutions to support clients in the understanding of the implications and CRS rules and permit their compliance with developing rule sets across and within jurisdictions.
WINCORE ADVISORY GROUP’s team comprises of highly-experienced tax, banking, and compliance professionals.
For more details, you can contact us at +971 4 221 2602 or email at [email protected]