Towards harmonisation between FATCA and CRS reporting schema

On the 9th and 10th of June, the 28th Annual Forum on International Tax Withholding & Information Reporting (aka the Executive Enterprise Institute or EEI Conference), took place in New York. This year’s EEI Conference consisted of eleven panels, ranging across the multiple U.S. withholding and reporting regimes as well as targeting updates on the Department of Justice’s investigations into an array of tax-related activities. Panelists included representatives from industry, professional tax advisors and software vendors as well as IRS officials.

In light of the on-going U.S. absence from the OECD CRS regime, the EEI Conference devoted less time to the topic then would a similarly-situated non-U.S. event.

Nonetheless, a representative from the IRS IT team asserted that the IRS works with peers from the relevant OECD team to ensure harmonisation between the FATCA reporting schema and the one used for the OECD Common Reporting Standard (CRS).

We are keeping a close eye on this evolution towards harmonisation and will post when we hear more.

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