'Gatca' Takes Shape
Global tax reporting standard, formally called CRS, brings new burdens but also operational benefits, says Mark Davies of DTCC's Avox unit
With the first deadline for "Gatca"—the global version of the US foreign tax reporting regime that requires financial institutions based abroad to provide reports to the Internal Revenue Service on their US clients—passing on January 1 for compliance from new account openings, industry awareness of the next stages in its implementation is on the rise.
Formally known as the Common Reporting Standard (CRS), Gatca's next steps involve putting in place common standards among national jurisdictions
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