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Course Outline
Introduction
- CRS as a "successor" to FATCA
- How Automatic Exchange of Information (AEOI) works
- Driving principle: reporting foreign tax residents to their tax administrations
Initiating a CRS Implementation Project
- Implementation roadmap
- Assembling and training the CRS project team
- Outlining CRS procedures
- Modifying contractual terms and agreements
- Setting up classification and reporting systems
- Achieving data collection readiness
- Registering with local authorities
Technical Aspects of Compliance
- Back office and IT requirements
- Data collection and exchange
Overview of XML Document Formats Used in CRS
- Viewing .xsd and .xml files
- CRS elements and attribute names
- Other terminology
Converting Non-XML Files to XML Format
- Converting MS Excel data to XML data
- Converting other formats to XML
Working with CRS XML Schema
- FATCA XML schema as a blueprint for the CRS reporting schema
- Structure of CRS XML Schema
- Validation elements for automated validation checks
- Information required in data elements
- Correcting data items to allow for automatic processing
Locating Required Information in CRS XML Schema
- Financial data that needs to be reported
- Locating the data elements
Working with CRS Status Message XML Schema
- Structure of CRS Status Message XML Schema
- Validating CRS XML Schema
- Processing file errors (fundamental errors)
- Processing record errors (data quality errors)
- Reporting errors
Customizing the Standard Reporting Schema
- Tailoring to local reporting requirements
How CRS Information is Exchanged
- Sample sequence of exchanges between jurisdictions
- Preparing and sending a request
- Receiving and checking a request
- Gathering the requested information
- Replying to the request
- Providing feedback
Approaches to Filing
- Manual vs automated processes for CRS reporting
- Self-developed CRS reporting systems
- External packages that integrate with organisation's systems
- Online solutions for CRS reporting
- Outsourcing CRS reporting
Communication with Clients and Tax Administrations
- Reporting what data has been transmitted to the authorities
Addressing Technical and Operational Challenges
Leveraging Resources
- Project managers and tax and compliance experts
- Previous FATCA implementation projects
- Documented procedures
- Technical systems
Advanced Topics
- Crafting sample CRS XML files by hand (for technical teams)
Closing Remarks
Requirements
- General understanding of financial reporting and tax compliance.
- General computer experience.
- General understanding of file formats (e.g., Excel).
Audience
- Financial institution managers
- Regulatory compliance managers and consultants
- Tax administrators
- IT support engineers
Testimonials
real exemples of the trainer
Joana Gomes
Trainer, Richard was very good
Lisa Johansen
The trainer was very knowledgeable and well prepared. I think we was very well capable to prepare a training that was suitable for our needs.
Sophia van den Broek - Triple Jump
It was a one to one session so I was able to ask specific questions relating to my own company needs. The course covered the topic really well and gave me many ideas and actions to take away
Hazel Matthews
The whole day was just great and relaxed which really helped. All the printouts really helped.
Louise Mackrell
She was very personable and presented a fluid delivery of the course material.
Karli Buckle
Vajitha was engaging, very knowledgeable, clear and prepared
Cécile McNeil
activity after each topic
JOCELYN BARTOLOME - Innovative Investors & Financing Co., Inc.; Innovative Investors & Financing Co., Inc.
all the topics are all informative and related to our daily life and work . so its really very helpful and useful .
EMMA GABRIEL - Innovative Investors & Financing Co., Inc.; Innovative Investors & Financing Co., Inc.
I obtained a lot of information in my line of work most especially about leadership and how our system works
HERMAN TENORIO - Innovative Investors & Financing Co., Inc.; Innovative Investors & Financing Co., Inc.
personally i am blessed and thankful because i was given the opportunity to gain knowledge... (all topic & subj. matter)
Innovative Investors & Financing Co., Inc.; Innovative Investors & Financing Co., Inc.
The most like about the training is about the workshop so that we apply what i have learn about the topic
Janette Base - Innovative Investors & Financing Co., Inc.; Innovative Investors & Financing Co., Inc.
Doing the case study was particularly helpful.. The self awareness bit was an eye opener.. all in all a great training session.
Zandrea Cabal - Innovative Investors & Financing Co., Inc.; Innovative Investors & Financing Co., Inc.
the group activity
Innovative Investors & Financing Co., Inc.; Innovative Investors & Financing Co., Inc.
CAMPARI / TRUST FORMULA
VIRNA INTAL - Innovative Investors & Financing Co., Inc.
I like the application cases wherein every topic, she has exercises to apply what we have learned.
CRISTINA MEDINA - Innovative Investors & Financing Co., Inc.
The lecturer is very knowledgeable and can substantiate theories with his own personal experiences.
Harry Estipona
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