Fact sheet: Tax Compliance Data for CRS/AEoI
Supporting you with critical data elements necessary for compliance with the automatic exchange of information (AEoI) under the Common Reporting Standard (CRS).
As governments worldwide seek to reclaim tax revenues lost to their citizens’ offshore investments, the Organization for Economic Cooperation and Development (OECD) agreed in July 2014 to the automatic exchange of information (AEoI) in tax matters. This information will be exchanged between jurisdictions on an annual basis using the common reporting standard (CRS).
Under the guidelines, financial institutions are required to identify customers whose tax residence is outside the jurisdiction where the account is held. Positive identification is deemed to include data unique to the “in scope” persons, such as full name, residence address and tax identification number (TIN).
We identify CRS-reportable income by flagging relevant corporate actions, easing resource-intensive data cleansing and alleviating the annual reporting burden for organizations.
Our data includes:
Classification of in-scope corporate actions
All corporate actions that generate any kind of income (e.g., interest, dividends) will be flagged, facilitating automated reporting and compliance with the Common Reporting Standard and local implementation directives.
We continuously monitor regulatory developments to ensure that our data service is relevant, up-to-date and accurate.
Our content for CRS has been designed in close discussion with the Swiss authorities, who require a higher degree of granular detail than many others. The service is therefore robust for meeting the requirements of all authorities.
In addition, our long history in the world of reference data gives us unrivalled expertise and understanding of structures down to the smallest level of detail in order to provide complete, reliable and audit-proof tax content.