Please enable javascript in your browser to view this site!

Logo_Medium.png
Thomson_Reuters_logo.svg.png
 

STORM-7 CONSULTING AND THOMSON REUTERS

 

A UNIQUE EVENT SERIES

 

 

AEOI (FATCA AND CRS) (MENA)

COMPLIANCE AND TECHNOLOGY TRAINING EVENT

MALTA

19TH AND 20TH FEBRUARY 2018

 

 
 
728x90-3.gif
 

AEOI (FATCA and CRS)

The Foreign Account Tax Compliance Act (FATCA) is intended to combat US income tax avoidance by creating a new information reporting and withholding regime for payments made to foreign (i.e. non-US) financial institutions (FFIs) and other foreign entities.

The Common Reporting Standard (CRS), developed by the Organisation for Economic Cooperation and Development (OECD), is a global reporting standard for the Automatic Exchange of Information (AEOI).

The goal of CRS is to allow tax authorities to obtain a clearer understanding of  financial assets held abroad by their residents, for tax purposes.

While FATCA and CRS have similar characteristics on the surface, there are differences that make universal compliance complex and challenging.

 

The Training Course (Storm-7 Consulting)

This two day intermediate to advanced training course will provide delegates with a comprehensive understanding of the new United States Foreign Account Tax Compliance Act (FATCA) requirements, by combining theory with practice and by incorporating interactive learning elements.

The course aims to demystify the complexity of both FACTA and the OECD Common Reporting Standard (CRS) frameworks.

The course Expert Trainer will ensure that delegates fully understand the operational impact that FATCA and the OECD CRS will have on the business and on clients, as well as guiding delegates through necessary adaptation processes, compliance solutions, and the complexities of understanding the way the FATCA and OECD CRS frameworks operate around the world.

 

The Technology (Thomson Reuters)

Thomson Reuters ONESOURCE™ AEOI Reporting & Documentation offers a straight forward solution, designed to simplify the tax compliance process and remove the burden of formulating and implementing new compliance policies. Streamline your operational procedures and reduce resource requirements, saving time and money.

An established and trusted platform, ONESOURCE has the knowledge, expertise and solutions to further enhance your organization’s reputation and improve client service standards.

Whatever direction evolving legislation takes, ONESOURCE will minimize the impact on your organization, future-proof your compliance program and ensure you meet compliance ling requirements. 

 

MIDDLE EAST REGION LOCATIONS 2018

 

CHOOSE FROM NINE SPECTACULAR TRAINING LOCATIONS.

TO EXPLORE FURTHER INFORMATION ON EACH, PLEASE CLICK ON THE LINKS BELOW: 

 

Malta

Bahrain

Saudi Arabia

Dubai

Abu Dhabi

Lebanon

Qatar

Cyprus

Kuwait



 

Programme

DAY ONE SESSIONS

 

SESSION 1

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).

 

 

SESSION 2

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).

 

SESSION 3

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.

 

SESSION 4

FATCA and the OECD CRS Technologies and Operational Compliance

• FATCA and the OECD CRS Surveillance Challenges and Requirements.

• Organisational and Regulatory Compliance Challenges (technologies, costs, productivity, reliability).

• Gathering FATCA and OECD CRS Forms, Self-Certifications, Differentiated Schema and Filing Requirements.

• Sourcing, segregating, and managing data across designated business units, systems, and jurisdictions.

DAY TWO SESSIONS

 

SESSION 5

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.

 

SESSION 6

Analysing the OECD CRS

• The Convention on Mutual Administrative Assistance in Tax Matters.

• Analysing the Standard for Automatic Exchange of Financial

Account Information (Model CAA)(Common Reporting and Due

Diligence Standard).

• Reporting and Due Diligence Standards, Indicia Searches, Address

Tests.

 

SESSION 7

FATCA and the OECD CRS Operational Compliance

• FATCA Due Diligence and IRS Forms Analysis (W-8, W-8BEN; 1042; 1042-S).

• Identifying and Assessing Compliance and Non-Compliance Costs.

• Responsible Of cer preparation for IRS Due Diligence certifications, Developing Effective FATCA and the OECD CRS Compliance Frameworks.

 

 

 

SESSION 8

FATCA and the OECD CRS Technologies and Operational Compliance

• Data Extraction (Account Data, Account Holders Data); Reporting Engine (Data Identification, Consolidation, Validation, Look Ups, and Submission).

• User WorkFlow (Data Importation, Validation against Jurisdiction Rule Sets); WorkFlow and Management Information Reporting; Streamlined Reporting Capabilities.

• Form data capture; Template Form Amendment; Error and Discrepancy Detection; Automatic Form Validation; Process and Management Control; Global Regulatory Jurisdictional Compliance.

 

COURSE SUITABLE FOR:

 

+ Chief Executives

+ Chief Financial Officers

+ Chief Risk Officers

+ Compliance Officers And Staff

+ Executive Board Directors

+ FATCA Responsible Officers

+ General Counsel

+ General Manager

+ In-House Legal Counsel

+ Investment Fund Managers

+ Non Executive Board Director

+ Risk Management Officer

+ Professional Trust Administrators

+ Trustees