The ‘Automatic Exchange of Information’ (‘AEOI’) is the term used to describe the exchange of financial information between countries without either party having to request it. The information, which is required for tax purposes to help combat tax evasion, is exchanged automatically and covers individuals, trusts, companies and other entities.
As a consequence of FATCA and CRS, service providers and governments around the world are operating in an environment where AEOI is common place. Launched in 2010, FATCA transformed the landscape of tax compliance and prevents US citizens evading tax on their overseas income/access. Following this, the OECD developed the Common Reporting Standard to facilitate the automatic exchange of information between countries to help combat tax evasion. Whilst the issue being addressed is simple, the initiatives which have been introduced have been far from simple.
This innovative and engaging eLearning course has been designed to provide the busy practitioner with a comprehensive commentary on FATCA, CRS and other earlier and proposed AEOI initiatives. It includes a detailed review of the provisions as well as the on-going core reporting requirements and obligations imposed. It will provide you with both up-to-date technical knowledge and the tools necessary to ensure effective implementation and compliance.
This is an opportunity to develop your knowledge and skills in this area in a convenient and time efficient way.
This course is delivered through an online learning platform, providing you with twelve months’ access to bespoke, interactive course material written by an industry expert. The following topics are covered:
- An introduction to Automatic Exchange of Information
- An introduction to FATCA
- FATCA documentation and reporting
- FATCA and trusts
- Fundamental principles of CRS
- CRS documentation and reporting
- CRS and trusts
- FATCA and CRS implementation and current status
- Other international AEOI initiatives
Key Learning Outcomes
Participation in this course will enable you to:
- Appreciate the need for ‘Automatic Exchange of Information’
- Understand the key principles and purpose behind FATCA and CRS
- Know the information required to be reported under FATCA and CRS and timetables for reporting
- Explain the impact of FATCA and CRS on trusts
- Reflect on the positive and negatives of FATCA and CRS
- Consider the possible future direction of AEOI
- Discuss other international AEOI initiatives