Looming global rules raise pressure to improve tax reporting
Many banks and other firms are still lacking the customer on-boarding processes required to comply with Fatca even as the more far-reaching CRS tax data rules are about to come into force
Financial firms are running out of time to improve record-keeping on clients' assets for reporting to tax authorities, ahead of the introduction of global rules on sharing such data between countries that will add to similar US requirements.
Speaking at the Automatic Exchange of Information Congress in London on March 11–12, tax specialists cited many examples of firms' failure to do the due diligence mandated by the US Foreign Account Tax Compliance Act (Fatca), which aims to reduce tax evasion
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