Mr. Michael Velten, Partner, Financial Services Tax, Deloitte & Touche LLP (Southeast Asia)
Mr. Sam Reeves, Director, Tax Management Consulting
Mr. Brian Mayer, Senior Associate, Business Tax Services
Deloitte Tohmatsu Tax Co.
The OECD has issued the Common Reporting Standard (CRS) which will take effect in Japan on January 1, 2017. The objective of CRS is to provide financial institutions with the rules to underpin the automatic exchange of financial information by tax authorities in order tackle offshore tax evasion and other forms of non-compliance.
The due diligence and reporting requirements of CRS have some similarities to FATCA, which was introduced in 2014. But there are a number of key differences that financial institutions in Japan need to be aware of as they prepare for the implementation of CRS. Like FATCA, CRS has both tax technical and operational components that will need to be addressed by banks over the near term and will present certain local challenges.
The presenters will draw from their FACTA and CRS experiences and will share their thoughts on Japan’s introduction of CRS. The presentation will cover the following questions:
· What is CRS?
· How is it different from FATCA?
· What aspects of CRS are specific to Japan?
· How are banks starting to address CRS?
