Common Reporting Standard
What is the Common Reporting Standard (CRS)?
CRS has pushed businesses to centralise their data and use new data management tools to carry out the reporting process more efficiently.
In Belgium, the institutions must send the relevant data to the ‘SPF Finance’, which will share it with other countries that have signed up to the CRS.
CRS regulation in a nutshell
- The information will be exchanged annually between the jurisdictions for which the convention is in force and in effect;
- All financial institutions (banks, brokers and insurance companies) will be reporting the information;
- The information reported concerns individuals and entities;
- Personal details of the account holder, account identification details, account balance and financial information will be reported;
CRS Practical Implications
- Data gathering becomes more important on all levels;
- Data quality is a challenge for all institutions, especially when stored in different IT systems;
- Flexibility is key to keeping the pace with changing regulatory demands;
- All financial institutions will be analyzing solutions in-house or will be buying them from the market tools;
- The decision depends on the resources (IT and staff);
What are the challenges of CRS?
Traditional business models tend to become less popular as new compliance obligations for businesses and financial institutions underline the need for a technological evolution. CRS has pushed businesses to centralise their data and use new data management tools to carry out the reporting process more efficiently.
How can Pideeco help you with Common Reporting Standard?
Our experts specialized in international tax compliance can help you company to:- Navigate the complex regulatory landscape surrounding CRS.
- Draft or improve your CRS policies and procedures.
- Analyze your current CRS processes, spot any gaps, and set-up and execute an action plan to mitigate the gaps.
- Assess the quality of your data and help you improve it.
- Set-up or develop IT tools to help you capture the necessary data for CRS reporting.
- Set-up a CRS reporting process.
- Train your staff members on all topics related to CRS.
Let us know how we can help! We'll get back to you lightning quick!
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