The financial crisis, looming state bankruptcies, change in the public view and political pressure created in the recent years an internationally supported momentum towards exchange of information for tax purposes across the globe. This course is aimed at discussing and analysing the various regulatory frameworks that were put in place and that are planned to foster cross-border transparency related to financial institutions and their account holders in order to increase taxpayer compliance with local tax rules.
Specifically, this course will cover the scope, characteristics, enforcement and mechanism of the US Qualified Intermediary (QI) system, the US Foreign Account Tax Compliance Act (FATCA) and the OECD initiative on Automatic Exchange of Information (AEoI) and its Common Reporting Standard (CRS) including their different shades of implementation. Besides, the OECD and EU plans to introduce new and additional rule sets around mandatory disclosure and aggressive tax planning (BEPS Action 12, OECD Mandatory Disclosure Rules and the EU Directive on Administrative Cooperation in the field of taxation (DAC6)), which will be discussed during the course.
This course will additionally help to understand how companies, individuals and financial as well as non-financial businesses can fulfil their obligations to remain fully compliant under the new international standards.
Skills and knowledge that will be acquired
At the end of the program, participants will:
- know the fundamental principles behind and the scope of QI, FATCA, CRS and AEoI as well as what daily implications these programs have for affected businesses in their tax reporting obligations;
- know how to correctly implement the FATCA program in order for financial institutions and other affected entities to be fully tax compliant as well how to correctly implement AEoI and the OECD's CRS program for affected financial institutions and other entities to be fully tax compliant;
- be capable of determining what obligations need to be fulfilled in a particular case as well as know how to assess and manage risks in connection with QI, FATCA, CRS and AEoI;
- know how to identify the QI, FATCA and AEoI obligations of affected financial institutions and other entities in a particular case and be able to understand the reporting duties;
- understand the future developments in the tax transparency area and how they might influence the environment companies, individuals and business operate in.