Automatic Exchange of Information (AEOI)
OECD Automatic Exchange of Information standard was developed to tackle and reduce the global tax evasion schemes. New standard increases the cooperation and transparency among tax administrations. The United States and other countries have already implemented similar information sharing programs called the Foreign Account Tax Compliant Act (FATCA) and Common Reporting Standard (CRS). Under FATCA, foreign financial institutions (FFIs) are required to report accounts held by U.S. residents and citizens (individuals and entities). CRS countries directly report certain accounts to other member country’s tax administration.
Each reporting standard has different reporting requirements and that is why it is important to seek advice and assistance of a seasoned tax professional. FATCA reporting standards vary depending on the types of FATCA Intergovernmental Agreement (IGA) executed between the U.S. and other countries. CRS reporting standards applicable only for signatory countries.
THEVOZ Attorneys advises and assists its clients to navigate through information reporting requirements. We aid our clients with IRS registration, obtaining Global Intermediary Identification Number (GIIN), requesting proper W-8 Forms, and other tax administration requests.
We advise and assist our clients on:
- FATCA Reporting
- Obtain GIIN
- FATCA Registration
- Informational Returns
- OECD information reporting
- Competent Tax Authority