The “Basics” of Common Reporting Standards
Cross-border tax evasion is one of the vexed issues faced by the national governments worldwide.
As globalisation of business transactions continues to advance, in order to address tax evasion and avoidance through offshore financial structures, the Organisation for Economic Cooperation and Development (“OECD”) developed the “Common Reporting Standards” (“CRS”) in July 2014, a global reporting standard for automatic exchange of financial account information.
Commonly referred as Global FATCA, the CRS is based on the US Foreign Account Tax Compliance Act (“FATCA”), however, the scope for CRS is much greater than for FATCA to accommodate the requirement for various countries.
For further reading on CRS, click here.
How can we help
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Who we are
Re/think is a boutique accounting, audit, advisory, regulatory compliance and tax advisory firm with offices in Dubai and Abu Dhabi (ADGM), focused on providing businesses of varying sizes with timely, proactive, and customized business solutions from start-up and early development to the latest stages of a business lifecycle.
We offer tailored regulatory expertise and focus on guiding clients to reduce the risk of non-compliance across a wide range of compliance services and regulatory advice. While we focus on compliance consultancy services including advisory, training and process improvement, we do not just tell you what to do, we give you practical ways to make things work for your business.
For further information and assistance with FATCA and CRS in the UAE, please write to us at email@example.com