Common Reporting Standard - A work in progress requiring reactivity


Common Reporting Standard - A work in progress requiring reactivity

“I really do think that on the international, on the global level, we have to fight all together against tax evasion“. Jean-Claude Juncker’s declaration last November at the G20 summit in Brisbane reflects a clear step-up in the global move towards more transparency in tax matters.

Executive Summary

Since FATCA in 2010, the momentum for implementing the new automatic exchange of information has grown and the financial industry is increasingly acting as a data facilitator for tax administrations.

New regulations have been issued, new frameworks designed, technical systems have been implemented and financial institutions are often forced to comply in a short order with these new requirements.

Strategic considerations

From FATCA to the Common Reporting Standard

As a matter of principle, FATCA forces financial institutions to disclose their U.S. clients (and clients assumed to be U.S. clients) to the Internal Revenue Service. To ensure a high degree of participation, financial institutions refusing to comply would be categorised as ‘Non-Participating Foreign Financial Institutions’ and sanctioned with a punitive 30% withholding tax on U.S.-sourced income and gross sales proceeds of assets producing U.S.- sourced income.


PDF - 988kb

Inside magazine issue 8, April 2015

Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.

Inside focuses on the main hot topics relevant for the market (Asset management, Banking, Insurance, Public sector, Healthcare, Private equity, Real estate, TMT, Manufacturing and consumer business, Transport and logistics).

PDF - 10.7mb
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