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Member of Russell Bedford International –
A global network of independent professional services firms
A global network of independent professional services firms
FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard) reporting requirements mandate financial institutions to collect and report specific information about account holders to the relevant tax authorities. The format for reporting under these regulations typically includes the following key elements:
Reporting Format
Financial institutions typically submit this information annually to their local tax authority, which then exchanges the data with other jurisdictions as per international agreements.