CRS & FATCA

  • What is the impact of FATCA?

    The Foreign Account Tax Compliance Act (FATCA) is a U.S. law designed by the U.S. Department of Treasury and the Internal Revenue Service (IRS). It requires foreign financial institutions, like myPOS, to report on the foreign assets held by U.S. account...

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  • What is the key difference between CRS and FATCA?

    FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard) are both regulatory frameworks aimed at combating tax evasion through the exchange of financial account information, but they differ in scope and focus.CRS has much broader s...

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  • About FATCA

    FATCA, which stands for Foreign Account Tax Compliance Act, is a U.S. law enacted by the U.S. Department of Treasury and the Internal Revenue Service (IRS). The primary purpose of FATCA is to combat tax evasion by U.S. persons holding accounts and other...

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  • Which countries are participating in CRS?

    You can find a full list of the participating countries here    

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  • Why do I need to provide information on my jurisdiction(s) of tax residency?

    Under the Common Reporting Standard (CRS), tax authorities require financial institutions such as myPOS to collect and report information regarding their clients' accounts and tax statuses. This requirement helps to combat tax evasion and enhance tax tr...

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  • What information will myPOS gather under CRS?

    Under the Common Reporting Standard (CRS), financial institutions like myPOS are required to collect and report specific information about their clients' accounts and tax statuses to ensure compliance with international tax transparency standards. To en...

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  • How does CRS affect me?

    Under the Common Reporting Standard (CRS), myPOS is required to determine your tax residency status and whether you hold an account in a country different from where you are a tax resident. To comply with CRS requirements, myPOS must collect certain inf...

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  • About CRS

    The Common Reporting Standard (CRS) is an international standard developed by the Organization for Economic Co-operation and Development (OECD) to enhance tax transparency and combat tax evasion. CRS requires financial institutions in participating juri...

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  • Notice in respect of the FATCA Law and CRS Law

    Under the International Government Agreements, concluded by all EU Member States and the US Foreign Account Tax Compliance Act (FATCA Law), adopted to implement an agreement between the United States (U.S.) and the EU Member States on international tax ...

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