Financial Services Ireland

CTORS

Tax Transparency: What’s next?


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Customer Tax Operations and Reporting Services (CTORS)

Tax authorities are heavily increasing their enforcement activity globally through a range of interventions in tax transparency regimes. We support our clients on tax transparency matters via end-to-end services, focusing on data management, technology transformation, and process review to create sustainable compliance with automatic exchange of information (AEOI) regimes. Our team also supports clients with traditional information reporting and withholding regimes and managed services including US QI, PFIC, Forms 1099/1042, and Form W-8 review.

Preparing for the FATCA and CRS reporting season


Responding to AEOI Enforcement


Webcasts

Watch our past webcasts on demand here.

Automatic exchange of information (AEOI) – FATCA, CRS, QI and the new enforcement landscape of the evolving tax transparency regimes.

During this webcast, we discussed the challenges of the tax transparency regimes and the increased enforcement activities by tax authorities. The regimes are not always straight forward to comply with due to the complex environment companies operate in and the changing landscape. This increased compliance activity requires an increased effort by companies to evaluate and update their compliance activities. In this session you’ll be able to take part of our experiences of how challenges have been addressed on the Nordics market, current global trends and to further take part of in discussions such as:

  • Challenges under the FATCA and CRS
  • IRS activity under the QI agreement and the Forms 1042/1042-S
  • Recent updates on the upcoming DAC frameworks
  • The importance of good quality data and how the OECD peer reviews will affect future controls over the data quality and integrity of FATCA and CRS reports’

Watch now

 

FATCA and CRS Reporting: What to look out for in 2022?

During the webcast, we discussed what changed in the reporting requirements from last year, including the schema changes and enforcement activities linked to reportable data. We also covered relevant topics such as:

  • The change to reporting “Controlling Persons” in the CRS Schema,
  • FATCA dummy TINs and their importance,
  • Common reporting issues such as closed accounts and undocumented accounts; and
  • Enforcement Activities by tax authorities linked to data quality.

Watch here

 

The new enforcement landscape of Automatic Exchange of Information Regimes

During the webcast we discussed the increased enforcement activities coming our way in 2022 as a result of the OECD’s CRS peer review program progress; and the IRS position not to accept FATCA returns with missing US TINs. We covered relevant topics such as:

  • The Profile Interview requests from Irish Revenue to Financial Institutions and their expectations in relation to compliance with FATCA and CRS.
  • How the OECD peer reviews will affect future controls over the data quality and integrity of FATCA and CRS reports.
  • What to expect from DAC6 enforcement in the new year, as per the new Finance Bill 2021 rule and with a view of the current DAC6 enforcement program in Luxembourg.

Watch here

Meet the team

Amanda Murphy

Associate Partner, Tax

amanda.murphy@ie.ey.com

Fadi BouKaram

Director, Tax

fadi.boukaram@ie.ey.com

Shambhavi Guruprasad

Senior Manager, Tax

shambhavi.guruprasad1@ie.ey.com

Magda Eskander

Senior Manager, Tax

magda.eskander@ie.ey.com

Contact Us

If you would like more information on how EY's team of experts can help, please reach out today.