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CTI Tax Solutions: Common Reporting Standard (CRS)

Assisting financial institutions in performing due diligence on their financial account holders and fulfilling their CRS reporting obligations

Financial institutions (FIs) face a unique challenge as global tax authorities have recognized the benefit of receiving tax reporting on their tax residents as a measure to counter tax evasion. The Organization for Economic Cooperation and Development (OECD) issued a global Standard for Automatic Exchange of Financial Account Information (AEOI), including the Commentary on the Common Reporting Standard (CRS).

CRS is modelled after the Foreign Account Tax Compliance Act (FATCA) Model 1 IGAs. CRS account due diligence obligations are similar to those under FATCA; however, they are not identical, and they are broader in scope. CRS requires increased due diligence by financial institutions to identify reportable accounts that will need to be exchanged with multiple tax authorities. For many FIs, the scale of reporting will be much larger than under FATCA. Over 100 jurisdictions have committed to the automatic exchange of taxpayer financial information, 53 of whom will exchange data for the 2017 calendar year, with the remainder committed to such an exchange during 2018 or later.

CTI Tax Solutions from IHS Markit help customers meet CRS due diligence obligations by providing a comprehensive response for account holder self-declarations and consistent reporting to source countries at the beneficial owner level. Our financial institutions tax reporting solutions build on our existing tax offerings for information sharing and due diligence, such as FATCA and the European Union Savings Directive (EUSD).

Key benefits:

  • Reduced compliance costs – Use compliance work already performed for FATCA to ensure a standardized, cost-effective model for a bilateral automatic exchange of tax information, rather than building multiple platforms
  • Outsourcing – Work with our advisory and consulting services to define your firm’s procedures and tax documentation, reporting and withholding requirements
  • Compliance flexibility – Access a solution for due diligence and reporting compliance with CRS, FATCA and Crown Dependencies and Overseas Territories (CDOT) requirements and local Intergovernmental Agreement (IGA) reporting, once local competent authorities issue guidance
  • Expertise – Benefit from our history of working with tax authorities and our tools that provide confidence for tax compliance and audit readiness


  • Asset managers
  • Banks
  • Broker dealers
  • Corporations
  • Fund administrators
  • Hedge funds
  • Insurance companies
  • Prime brokers
  • Private equity funds
  • Special purpose vehicles


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