FATCA and the OECD CRS Programme
Introduction and set-up
The FATCA Regulatory Framework
■ Key FATCA Aims, objectives, timelines.
■ FATCA Definitions (FFI; P-FFI; RDC-FFI; CDC-FFI; NFFE; GIIN; FDAP Income; RO; IGA; USWAs; Gross Proceeds; Passthru Payments; Grandfathered Obligations; Active Income; Passive Income).
■ The Three Pillars of FATCA (Classification, Reporting, and Withholding).
Analysing US FATCA Model 1 and Model 2 Intergovernmental Agreements and FFI Agreements
■ MODEL 1 (Reciprocal 1A); MODEL1 (Non-Reciprocal 1B).
■ MODEL 2 (No Pre-existing Tax Information Exchange Agreement or Double Tax Convention Required); MODEL 2 (Pre-existing Tax Information Exchange Agreement or Double Tax Convention).
■ IRS FFI Agreement (Form 8957).
The OECD CRS Regulatory Framework
■ A Global Overview of CRS Reporting, Implementation Timelines, and 2017 and 2018 Reporting Deadlines.
■ A Review of the CRS (Standard for Automatic Exchange of Financial Account Information), the Model Competent Authority Agreement (Model CAA), OECD Commentaries, and HM Revenue & Customs Guidance Notes.
■ A Review of the International Tax Compliance Regulations 2015 (SI No. 878).
■ CRS Entity Management Liability and Sanctions for Errors and Non-Compliance.
OECD Classification, Due Diligence, and Reporting
■ CRS Classification, Participating Financial Institutions, and Non-Resident Account Holders of CRS Participating Countries.
■ On-boarding of New Entity and Individual Accounts and Client On-boarding Solutions. ■ Pre-Existing Account Due Diligence Procedures.
■ CRS Reporting (Foreign Debt, Equity Interests, Custody Accounts, Foreign Deposit Accounts), Reportable Accounts, and Enhanced File Review Procedures.
CLIENT REVIEW SESSION
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