The landscape of tax compliance is evolving at a rapid pace. The volume and complexity of regulations together with the requirement for increased transparency are having a major impact on business. There are several ways in which these new business challenges can be addressed.
The Common Reporting Standard (CRS) is a universal tax standard that replaces the UK FATCA and CDOT. But how do requirements differ? What are the implications for the organisation operating in numerous jurisdictions? And what issues is it creating in how tax is processed? We provide a breakdown of the standard.