CRS & FATCA

Automatic exchange of information

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CRS & FATCA

A standardised solution for FATCA, CRS and future requirements

Whether US FATCA, UK FATCA, the EU Mutual Assistance Directive or indeed the OECD Common Reporting Standard – as a result of international efforts to encourage tax honesty, the Automatic Exchange of Financial Account Information in Tax Matters (AEOI/AIA) is gaining ground as a global solution.

AEOI regimes

New procedures and different content and validation requirements result in additional work for financial service providers in terms of the analysis, application, and implementation of these guidelines. Specific expertise in compliance with the different AEOI regimes must also be established.

Optimal platform

CRS Suite allows you to meet these global requirements with a single solution. The modular and modern design, along with the flexible structure for easy adaptation to different AEIO regimes, offer you the perfect platform to implement current and future reporting standards.

Automatic data validation

We offer you efficient automatic data validation and processing – including reporting – all together in a single solution. We provide for the various reporting requirements and supplement these with professional and technical standards for multi-client capability, audit compliance, and process monitoring.

AEOI – automatic exchange of information

  CRS Suite

In CRS Suite, CPB has developed a standardised and flexible solution for compliance with reporting requirements.

  • Flexibility in the scope of the master and transaction data
  • Variable data import from Excel, XML, and CSV files
  • Integrated validation rules for determining relevance to reporting requirements
  • Flexible integration of country-specific reporting requirements
  • Can be used in every participating state
  • Direct communication
  • Audit compliance thanks to maximum transparency

   Can be used

  • In-house
    Platform-independent
  • Outsourcing
    Platform-independent
  • Managed services
    CRS-as-a-Service
  • Consulting & expertise
„As a conscientious software manufacturer of solutions for primarily regulatory-driven requirements, we began analysing the requirements on publication of the relevant legislation.

Michael Gerlach, CEO CPB SOFTWARE (GERMANY) GmbH

Automatic exchange of information

In October 2014, the major industrialised and emerging economies (G20) and the OECD agreed concrete measures to combat international tax avoidance on capital income. With the support of the G20 countries, particularly the United States, the OECD defined a global ‘Common Reporting Standard’ (CRS), also known as the standard for the Automatic Exchange of Information (AEOI).

The United States is the pioneer here, having already successfully implemented FATCA – a system designed to ensure the complete collection of data on all American taxpayers’ capital income. The FATCA (Foreign Account Tax Compliance Act) system forms the basis of the future global CRS/AEOI standard.

AEOI_EN

Submission of data

Who has to submit data?

  • Banks, brokers
  • Certain undertakings for the collective investment of securities (UCITS)
  • Certain insurance companies
  • Those not subject to reporting requirements include, for example, central banks, governmental organisations, and similar

Where must the data be reported to in Germany?

  • The report is submitted to the German Federal Central Tax Office (BZSt) in ELMA5 format via ELSTER
  • The data is stored at the BZSt for a minimum of 15 years

When does the data have to be supplied?

  • By the end of September of the following year, with the first submission by 30 June 2017 for 2016

Which data has to be supplied?

  • Information on accounts and their owners or the people who control them
  • Existing and new accounts held by natural persons, without balance information
  • Existing and new accounts held by legal entities (domiciliary companies, trusts or similar entities) where the balance is above 250,000 US dollars (or the equivalent amount in the local currency)
  • Balance (at the end of the reporting period)
  • Income from interest and dividends
  • Proceeds from the sale or repurchase of assets

OECD standards

Under the standard, financial institutions are expected to exchange financial information with the relevant tax regimes on an annual basis. This financial information includes account balances, interest and dividend income, and proceeds from the sale of financial assets, in relation to financial accounts held by private individuals and companies, including trusts and foundations.

The OECD standard specifies the information to be exchanged on:

  • financial accounts,
  • the financial institutions subject to reporting requirements,
  • the various accounts and affected tax subjects,
  • and the general due diligence to be followed by the financial institutions.
As part of the FATCA and OECD CRS user groups at the German Federal Central Tax Office, we receive all required information promptly and directly on an ongoing basis.“

Michael Gerlach, CEO CPB SOFTWARE (GERMANY) GmbH

Tax-compliance-as-a-Service

The global automatic exchange of information as an all-inclusive stress-free package

Recoup time for your core activities and reduce your workload with CPB’s managed services.

We use your raw data to identify customers subject to reporting requirements, validate their data, and generate the relevant reports for you. After your approval, we also submit these on your behalf.

IMPORTANT

The data processing can also be offered as a service
ON YOUR PREMISES for information security purposes.

Benefits

  • No licence fees
  • Reduction of internal costs both in IT and back office functions
  • No need to adapt existing systems or interfaces
  • Reduced risk
  • Elimination of time constraints

Your Contact

Achim Berghaus

Head of Product Management
Phone: +49 (9371) 9786-17


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