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IBFed Response on Common Reporting Standard (CRS) for the automatic exchange of tax information

3 Jun 2015

Thank you for meeting with the Tax Working Group of The International Banking Federation on 23 February 2015. At that meeting we discussed members’ concerns with the implementation timetable for the CRS. As agreed at the meeting, the purpose of this letter is to provide information in respect of the following:

The priorities members believe should be addressed to provide financial institutions with certainty and enable the CRS rules to be implemented in a cost effective manner and within a realistic time frame

Current areas of technical and scope divergence between CRS and FATCA that contributes to uncertainty and if left unaddressed, could result in significant IT systems re-work of members’ FATCA solutions

The need for clear and comprehensive local guidance to ensure the CRS rules are consistently implemented and interpreted across partner jurisdictions in order to avoid the risk that financial institutions may have to incur additional costs and time to develop bespoke solutions to cater for nuances between partner jurisdictions. It is equally important that domestic legal frameworks are in place well in advance of the due date so that financial institutions have a stable environment within which to commence their implementation projects

Read full response via the link below

IBFed Response on Common Reporting Standard (CRS) for the automatic exchange of tax information
 
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