• Common Reporting Standard: HMRC Releases Revised Guidance for UK Charities
  • October 25, 2016 | Author: Alana Petraske
  • Law Firm: Withers Bergman LLP - London Office
  • The Common Reporting Standard (CRS) is, like FATCA before it (a regime established by US legislation, the Foreign Account Tax Compliance Act, which was brought into UK law by a treaty with the US), an information exchange regime aimed at international tax transparency: 'financial institutions' are required to pass information about their clients to their clients' domestic tax authorities with the aim of preventing the use of offshore structures to evade tax. Whereas FATCA dealt with the exchange of information with the US, CRS requires multi-party information exchange around the world.