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Expert is a new innovative, interactive software application designed to supplement the STEP CPD Learning: Automatic Exchange of Information eLearning course.
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.
Practical application of the CRS rules can be challenging, both for the busy practitioner as well as new members of staff required to understand the rules for the first time. CRS Expert is designed to improve and enhance the knowledge, skills and performance of practitioners responsible for the practical implementation of the Common Reporting Standard.
The STEP CPD Learning: Automatic Exchange of Information course is delivered through an online learning platform, providing you with 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
The CRS Expert is a second-stage 'bolt-on' software application providing you with three months’ access to an interactive and practical Workshop environment offering technical guidance on the CRS reporting and self-assessment tools to test your knowledge. Through access to the Workshop, students are able to create hypothetical client structures in order analyse any resulting CRS report outcomes. By doing this, students are able to expand their learning to facts and circumstances that may not have been covered in the main case study analysis.
The Workshop is divided into eight separate modules, covering:
- Individual Account Holders;
- Passive NFE Account holders;
- Active NFE Account Holders;
- Reporting Financial Institution Account Holders;
- Non-Reporting Financial Institution Account Holders;
- Listed Company;
- Trust Debt Account Holders;
- Trust Equity Account Holders.
A case study approach is taken in each of the modules, with over 55 scenarios available for consideration through the self-assessment. Self assessment results are instantly available, and will highlight areas for further development.