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

18 Feb 2015

The principal purpose of our letter is to ensure that governments are aware of the challenges posed by the adoption of the CRS, not just for Financial Institutions (FIs) but the associated obligations for governments, particularly for those that have committed to early adoption (the Early Adopters group), to introduce the necessary regulatory frameworks and infrastructure to facilitate the implementation of CRS in their jurisdictions. FIs require sufficient lead-time to meet their obligations under the CRS and, despite their best endeavours and intentions, if the necessary legal frameworks are not established expeditiously, compliance will be excessively challenging.

Final IBFed Response on Common Reporting Standard (CRS) for the AEIOU
 
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