UK:
The Common Reporting Standard: What Expatriates And Individuals With Assets Held Overseas Need To Know
19 June 2017
Alliott Group (International)
To print this article, all you need is to be registered or login on Mondaq.com.
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/
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Tax from UK
Tax – A Shake-Up Looms
Herbert Smith Freehills
Few developments in the tax world have an impact on a truly global scale, but the so-called 'Pillar Two' rules – essentially a global minimum corporate tax – is one of them.
Tax Relief On Debt For Companies
Lubbock Fine
When financing your business operations through borrowing, one of the main considerations will be whether the interest cost is deductible, and to what extent if it is. In the UK...
UK Tax Round Up
Proskauer Rose LLP
Welcome to March's edition of our UK Tax Round Up. This month has seen a number of interesting cases covering a range of issues, from the deductibility of costs against employment income...
Foreign Capital Loss Election For Non-Doms
Lubbock Fine
The complex rules for capital gains tax relief for non-domiciled individuals (non-doms) aren't new, although significant proposed changes have been announced to the non-dom regime in the March 2024 Budget...