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FATCA and CRS Alert 2018-01

FATCA and CRS Alert 2018-01

OECD: updated CRS frequently asked questions (FAQs)

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Gerard Laures

Partner, Financial Services Tax

KPMG in Luxembourg

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OECD: updated CRS frequently asked questions (FAQs)

In December 2017, the Organisation for Economic Cooperation and Development (OECD) issued an updated FAQ for the implementation of the CRS.

The following areas are addressed in more detail in this new version:

  • the reporting obligations of reporting financial institutions being liquidated
  • timing of self-certifications (with respect to new individual and entity accounts)
  • how to determine the controlling persons of an entity 
  • excluded accounts, i.e. accounts held for the purpose of condominium or housing cooperatives
  • indirect distributions by a trust


Reference: CRS-related Frequently Asked Questions
 

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