FATCA and CRS Reporting Services
It is essential to note that FATCA or Foreign Account Tax Compliance Act was a preventive measure that was started way back in 2010 to avoid tax evasions. Although FATCA took the US taxpaying conglomerates into account, the CRS or Common Reporting Standard takes a global perspective towards a common problem. FATCA or CRS reporting and compliance with the taxation standards mean that every organization needs to abide by the financial guidelines and any violation can lead to massive penalties.
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.
- FATCA and CRS reporting services
- High-end consultation for avoiding tax evasion
- Keeping a close eye on the financial activities for simplifying reporting
- Ensuring cent-percent compliance
- Entity classification
- Registration support
- Establishing Due-Diligence
- Annual reporting
- Level-specific reporting and document preparation schemes
- Ascertaining corporate directorship
- Compliance renewals
- Preparation of self-certificates
Besides the entire gamut of reliable services, IMC also offers stock exchange listings based on compliance, diverse relocation services, tax deferral plans, migration services, LLP reporting, and whatnot.