FATCA - CRS
What is FATCA?
Foreign Account Tax Compliance Act(FATCA) is a new set of US Tax Regulations brought in by the U.S government to prevent the tax evasion by the U.S Nationals and the same is enacted through the Internal Revenue Service(IRS).The primary goal of FATCA is to obtain information from countries other than the reporting (U.S) about U.S persons.FATCA would help USA in detecting and preventing off shore tax evasion by U.S persons by identifying them and collecting the appropriate tax on their holding financial assets outside the US.
What is CRS?
CRS stands for Common Reporting Standard. The primary goal of CRS is to combat the problem of offshore tax evasion, avoidance and stashing of unaccounted money abroad through mutual exchange of information among countries. There are 98 countries who are members of CRS