CRS & FATCA

What is the impact of FATCA?

Each year, financial institutions such as myPOS are required to share information on financial accounts of U.S. persons.

Continue reading

What is the key difference between CRS and FATCA?

In fact, FATCA and CRS have similar characteristics because their main goal is to combat tax evasion and create common standards for exchanging information on financial accounts. However, CRS has much broader scope. While FATCA is focused solely on U.S....

Continue reading

About FATCA

FATCA stands for Foreign Account Tax Compliance Act. It was designed by the U.S. Department of Treasury and Internal Revenue Service (IRS) and requires that foreign financial institutions report on foreign assets of U.S. account holders. FATCA is a prim...

Continue reading

Which countries are participating in CRS?

You can find a full list of the participating countries here

Continue reading

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

Under the CRS, tax authorities require financial institutions such as myPOS to collect and report information regarding their clients’ accounts and tax statuses.

Continue reading

What information will myPOS gather under CRS?

To ensure convenience and make the process as easy as possible for our clients, we collect all the required information during the registration. In case we need additional details, we will get in touch with you.

Continue reading

How does CRS affect me?

Under the CRS, myPOS is required to identify whether you are a tax resident in one country and hold an account in another one. To do this, we need to collect certain information about you and your business and report it to the tax administration.

Continue reading

About CRS

CRS (Common Reporting Standard) is an international standard for gathering information from financial institutions in the participating countries. It was developed by the Organization for Economic Co-operation and Development (OECD) to tackle tax evasio...

Continue reading