Articles
Gain deeper insight with articles that give our considered opinion and predictions of where the industry will go next.
Are AML and CFT Based Practices for Validation of Tax Residency Inadequate for AEoI CRS Purposes?
Marco Zawar shares his views on why Anti Money Laundering and Counter Financing of Terrorsism related due diligence measures in Hong Kong are insufficient to meet financial institutions’ AML/KYC requirements under AEoI/CRS…
FATCA and CRS Curing Periods
Our affiliate, Marco Zawar, asks if FATCA and CRS document curing and classification requests to verify Change in Circumstances are being correctly implemented.
Deferral of FATCA and CRS Reporting Deadlines – Should You Be Taking Advantage?
With the entrance of Covid-19, a lot of things have changed in the world, and a lot of extra stressors have piled on. And it's left firms wondering, should they take advantage of the defered FATCA and CRS reporting deadlines?
Nationality, domicile, residency, citizenship and beneficial ownership
We often find that linguistic issues can cause problems for firms looking to establish the correct withholding rate for their clients. In particular, we have seen the distinctions between nationality, citizenship, domicile, residency and beneficial ownership cause a degree of avoidable consternation. In this post, we present a quick reference guide.
GATCA: A Practical Guide to Global Anti-Tax Evasion Frameworks
TConsult's subject matter experts Ross McGill, Chris Haye and Stuart Lipo have written a new book providing a practical guide to global anti-tax evasion frameworks. In this post, Stuart describes the context for the book...
The Challenges of GATCA
The global anti-tax evasion frameworks that comprise GATCA have as many commonalities as they have differences, so it makes sense to approach regulatory compliance in a holistic fashion.
In this post, we explore how smaller firms are responding to the pressures of compliance...
臺灣與香港共同申報準則(CRS)申報及盡職審查：常見缺失與問題
July 16, 2024介紹 為與國際稅務透明度標準接軌，阻止納稅人參與國際逃稅，臺灣於 2019 年開始實施OECD共同申報及盡職審查準則 (CRS)。根據臺灣 CRS，又稱臺版肥咖條款，臺灣金融機構自 2020 年起必須進行 CRS 申報，而財政部(MoF)國稅局 (NTB)自 2022 年起對這些機構進行年度審查。 臺灣CRS實施情形 臺灣在實施 CRS 面臨諸多挑戰。現在主要的挑戰包括準確識別和申報非居民客戶的金融帳戶，以及對財政部國稅局而 言，確保金融機構遵守 CRS 法規。為應對這些挑戰，臺灣金融機構需要建立有效的內部控制程式，以確保資訊的準確 […]Read more
How Do You Become A QI?
July 3, 2024Trying to decide if your financial institution should become a QI or not is a difficult decision, and one a […]Read more
What The IRS Considers A ‘Good Faith Effort’ for Section 871(m)
June 21, 2024Navigating the labyrinth of tax regulations can be daunting, especially when dealing with the likes of the IRS. Their rules […]Read more
FATCA Reporting 101
June 5, 2024If you’re part of a financial institution, you probably think you have FATCA all sorted out. Most financial institutions do. […]Read more
What Is Amended Reporting Anyway?
May 23, 2024Well, we’re in late May now, which means you should have submitted your original 1042-S information returns filing using the […]Read more
究竟什麼是修訂申報?
May 23, 2024現在已經是五月下旬了，這意味著您應該已經使用IRS的電子資訊申報(Filing Information Returns Electronically, FIRE)入口網站提交了原始的1042-S資訊申報表。您可能會拍拍自己的後背，翹起二郎腿，認為今年的任務已經完成。 嗯，不一定。 有些投資工具可以在美國納稅年度結束(12月31日)後改變分配所得的分類。美國共同基金和圖動產投資信託(又稱REITs)就是兩個很好的例子。這些投資工具通常會告知支付鏈的頂端。例如，它們可能會說，去年原本被歸類為股利的分配，現在被重新分類為資本收益。這不僅令人討厭，而且還意味著一些在支付鏈下游創建的1042-S表格(然後發放給IRS和收款人)現在是錯誤的。 現在怎麼辦? 重分類有什麼影響? 如果發生這種情況(且確實發生了)，那麼您需要採取一些措施。因為現在，如果您是一名 QI，那麼您的集合申報(pooled reporting)可能不再正確。總金額不會有任何變化，但與付款相關的所得代碼(也許還有稅率)會發生變化。例如，您原來的30%股利集合(所得代碼 6)可能需要減少，而您的資本收益集合(所得代碼 37)可能需要增加。如果您一開始就沒有代碼37的集合，那麼您可能會因為現在申報的新集合而被處以逾期申報罰款，因為它不在最初的申報中。 如果您的申報是集合式，那麼只有集合應該被影響。如果您因為客戶是金融機構或穿透實體(flow-through entity)，或者因為揭露式NQI向您揭露了間接收款人，而不得不簽發收款人副本，那麼其中一些收款人副本現在可能也出錯。 您可能還會發現，有些客戶投資了不止一種重分類其所得的工具，而您不太可能同時發現這些情況。如果是這種情況，您可能需要提交多份修訂檔。1042-S的頂端（以及IRS檔案的檔案規格）允許您在提交多份修訂時詳細說明提交的修訂數量。這可能會引起混淆，這也是許多公司等待並只提交一套修訂檔的原因之一。但不要忘記，如果您延遲申報，您的交易對手可能會受到影響，如果他們的下游客戶需要知道的話。在這個例子中，股利可能被徵收30%或15%的稅，但資本收益不被課稅。因此，如果您因這種重分類而修改報稅表，您需要記住，您可能會通過1042報稅表要求IRS退稅，以平衡帳目。 如果我揭露了客戶資訊該怎麼辦? 如果您是揭露式NQI，好消息是您不必擔心。揭露行為會將任何報告義務(包括修訂)賦予您的交易對手，而交易對手通常是一家QI。他們應直接收集並向您的客戶發送修改內容，或者如果您與他們有商議過，則應將修改內容轉發給您。 然而，如果您是非揭露式NQI，那麼您所承擔的義務與QI幾乎相同，但沒有可以集合申報的好處。這意味著您需要花時間找出哪些特定客戶收到了所得，向國稅局提交修訂檔，並簽發新的收款人副本。這可能是一項非常繁重的工作。 […]Read more
We are hiring!
May 16, 2024We are looking for a new person to join our team delivering compliance support to our growing client base. Could you be our next up-and-coming consultant?Read more
How To Stay CRS Compliant
May 15, 2024CRS, otherwise known as the Common Reporting Standard, is a set of rules and technical reporting requirements that form the […]Read more
What Is An Exposure Map?
April 18, 2024If you need to ask that question, then you probably need one. At TConsult we’ve been working with financial institutions […]Read more
