CRS: Where are we now?
The Organisation for Economic Cooperation and Development (OECD) announced last May that Bahrain, Lebanon, Nauru, Panama, and Vanuatu have committed to the international standard of automatic exchange of financial account information and to share financial account information automatically with other countries.
According to the OECD release, with these last signatories, 101 jurisdictions have committed to implementing information sharing in accordance with the common reporting standard (CRS) as developed and endorsed by the OECD and G20 countries. The latest commitments call for beginning the exchanges in September 2018.
Are you CRS ready?
CRS is a significant step up in complexity compared to FATCA. Whilst there have been determined efforts to replicate the FATCA data requirements in CRS to alleviate the pressure on system developments for tax authorities and financial institutions, there are many differences in CRS compared to FATCA that will add to the complexity and cost of the reporting requirements.
Our round-table dedicated to CRS will offer unique insights on:
- what are the requirements financial institutions are due to meet
- how technology can help ensure full CRS compliance rapidly and cost-effectively.
The event will start at 5:30 p.m. on April 26th at the Crowne Plaza Bahrain in Manama and will be followed by a networking dinner.
Save your seat and pre-register now for free: