It is essential to note that FATCA or Foreign Account Tax Compliance Act was a preventive measure to avoid tax evasions.
FATCA or CRS reporting standards help establish global transparency and make sure that Intergovernmental Agreements are accounted for. Based on the guidelines, the FFI, offshore companies, and other financial associations are required to report financial and personal details based in the US and accounts relevant to other regions.
At IMC, we make sure that companies find it easy to report to the regulatory authorities while preparing all the relevant documents, in a precise manner. We work closely with the tax regulators and share specific compliance plans with the administrators. Besides that, we also work towards collecting personal information while reporting to the relevant authorities, based locally.
Every global organization needs to declare taxes and pay for the region-specific services. These taxes can be local or have global significance, provided they generate revenue for a particular country. FATCA and CRS are the authorities that make sure companies pay their taxes on time. Therefore, reporting the same means that offshore and onshore tax evasions are minimized.
CRS reporting keeps a close eye on the country-registered businesses that are operational elsewhere. Therefore, compliance with the CRS standards help authorities track the overseas investment and disallow them from stashing assets. If FATCA and CRS documentations aren’t fulfilled, tax withholdings are imposed.
Besides that, companies must also have resources to register and identify thresholds and other metrics. However, in most cases, the in-house personnel aren’t as efficient as reliable outsourced consultants.
IMC makes sure that registration, withholding interests, representation, documentation, and other aspects of reporting are taken care of. We understand that the global reporting standards are highly complicated and it is difficult to establish complete compliance. Our trained FATCA and CRS specialists take care of the report preparations while assessing income, profits, investments, liabilities, and other relevant details.
We work closely with the automated CRS and FATCA platforms which mean that registered companies can send across all the relevant financial information via an automatic transfer. However, we help prepare the reports by taking all the technical aspects into account.
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Best Consultant to set up company in Singapore. Excellent team of People. Perfectly oriented and guided by team. Best in the country as well as business.
We have been taking IMC service more more than a year now. They have been completely professional in their approach and they give us an overall perspective for each query we have.
We approached IMC for our trademark applications and have been working closely with Mayuri from the IMC team in Singapore. We had an absolutely stress-free experience.
IMC Singapore is one of the best Consultant to set up company in Singapore, they have an excellent team of People who guide you right from the begining to start up new company in Singapore .
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