Common Reporting Standard
To fight tax evasion and ensure global tax compliance, the Organization for Economic Co-operation and Development (OECD) has proposed a global Common Reporting Standard (CRS) for the automatic exchange of information. This new standard encompasses more than 90 countries and is not regulated by the IRS or any global tax authority. The standard mandates jurisdictions to obtain information from their financial institutions and annually exchange that information with other jurisdictions. It sets out the financial account information to be exchanged, the financial institutions required to report, the types of accounts and taxpayers covered, and the due diligence procedures to be followed.
CRS is a thorough and complex due diligence process. Since it monitors the attributes of more than 90 countries, the number of digitized data points involved make it more complex than any other tax reporting process. The proprietary regulatory portal from SS&C GlobeOp digitizes, logs, and reviews multiple data points efficiently and effectively.
Making the complicated simple: instantly and clearly understand your CRS obligations and next steps.
- Allows for maximum transparency for users
- Assists with an efficient due diligence process
- Ensures due diligence is completed thoroughly
- Reduces overhead costs – no need for temporary employees and continuous internal training
- Uses industry best practices and proprietary technology to manage your data
- Provides a dedicated global regulatory team with in-depth subject matter expertise