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Global Information Reporting in the news

Recent media coverage

Presented below is a listing of publications and by-lined articles reflecting Deloitte’s perspective on Foreign Account Tax Compliance Act (FATCA) legislation and implications and the Common Reporting Standard (CRS).

CRS news

The Common Reporting Standard: Impact on financial services institutions

The Tax Adviser | March 1, 2016

The Common Reporting Standard (CRS) is the standard for automatic exchange of financial account information developed by the Organisation for Economic Co-operation and Development. Due to the complexity of these rules, financial institutions incorporated inside and outside the United States should assess the CRS rules and determine how they are affected.

Read the full article, by Denise Hintzke and Andrea Garcia Castelao on how CRS impacts financial services institutions.

Global transparency efforts likely to open information flood

Bloomberg BNA “Daily Tax Report” | January 13, 2016

The differences between FATCA and CRS, including the threshold for reporting, are likely to create problems for banks, while many countries implementing the two regimes are struggling with the need for guidance in short order. Denise Hintzke, global FATCA tax leader at Deloitte Tax LLP, told Bloomberg BNA there is “still a tremendous amount of confusion about the interplay between the regs and the IGAs. CRS is much more complicated than FATCA.” Download the full article written by Alison Bennett.

The world is about to become more financially transparent, whether or not the US participates

Forbes.com / Personal Finance | October 15, 2015

The US’s nonparticipation in the Organisation for Economic Co-operation and Development’s new Common Reporting Standard (CRS) imposes particular and potentially difficult requirements on many US financial entities, such as banks, mutual funds and trusts. With CRS implementation only a couple of months away, affected entities would be wise to begin the analysis of any necessary implementation steps.

Read the article, written by Denise Hintzke and published in Forbes.com.

FATCA news

Global Tax Information Reporting: Mitigating Tax risk by dismantling organizational silos and implementing a new target operating model

Bloomberg BNA “Daily Tax Report” | March 22, 2016

Forward-thinking institutions are developing and implementing new operating models in advance of regulator-imposed obligations—and they urge stakeholders to gather key metrics and build a strong business case to obtain C-suite sponsorship.

Download the full article, by Matthew Cahill, Jensen Jacob, and Jawad Ahmad on how FATCA and initiatives like it worldwide are forcing financial institutions to examine changes necessary in their global tax information reporting operating models.

IRS Notice easing FATCA compliance gets high marks from Tax practitioners

Bloomberg BNA “Daily Tax Report” | January 21, 2016

The new IRS Notice 2016-8 makes needed changes to help banks comply with FATCA. Denise Hintzke, global FATCA tax leader at Deloitte Tax LLP, spoke to Bloomberg BNA about the positive impact of these changes for foreign financial institutions, particularly the fund industry. Download the full article written by Alison Bennett.

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