When you have a business operating in multiple locations around the globe, compliance is one of the components to consider when deciding where to operate. There are two systems, FATCA and CRS, that could impact your company’s status because they require financial institutions to provide information about their customers to ensure they fulfil their tax obligations. What do you need to take into account? Here’s some guidance to ensure you carry out proper FATCA/CRS compliance. But first, what is FATCA and CRS? FATCA FATCA, the abbreviation for the Foreign Account Tax Compliance Act, is a piece of US legislation signed into law in 2010 that required American citizens to file annual reports for any accounts abroad. The Act was part of a series of laws to help stimulate the
