There are three major differences between FATCA and CRS:

• FATCA requires a financial institution to find US persons; however, with more than 90 countries currently committed, CRS requires a much broader scope of tax residency.
• Under CRS, the definition of a “reporting financial institution” is different. So, even if a Client is not required to report on financial accounts under FATCA, you may be under CRS.
• There is currently no de minimis limit under CRS. FATCA, by contrast, only kicks in for individual accounts with balances exceeding $50,000 – companies have different limits.

KPMG Services related to FATCA/CRS implementation:

• Capability assessment of FATCA/CRS implementation;
• Regulatory assessment aimed at establishment of necessity for implementation FATCA/CRS requirements;
• Solutions regarding delivery of financial statements;
• Determination of company status and US IRS forms completion assistance;
• Training programs for designated responcible employees and departments;
• Assessment of compliance with FATCA/CRS requirements