In the wealth management industry, we regularly hear about the Common Reporting Standard (CRS) and tax disclosure of clients. What is not often discussed are the unplanned consequences of CRS and how this will impact the financial services sector as well as families in a way that has not been planned.
The CRS has been in effect in most early adopting jurisdictions since 1 January 2016, and now the first reporting deadlines for many Financial Institutions are rapidly approaching, for reporting of 2016 information in 2017. For wealth owners, the issues have become what information must be provided to Financial Institutions, as well as what information will be reported by Financial Institutions and received by tax authorities, rather than when (or if) the CRS would come into force in a particular jurisdiction.
In addition to issues related to the reporting, exchange, and disclosure of information, the CRS will also impact wealth owners, families, and the Financial Institutions that serve them in ways that have not been as widely discussed.
This session will focus on the unplanned consequences of CRS and how it impacts clients.
Visit our website for more details on this complimentary webinar.