The international exchange of information (AEOI) between tax authorities through the automatic reporting of financial accounts abroad will contribute to curbing cross-border tax evasion. The AEOI principles defined by the OECD formally consist of models for intergovernmental or multilateral agreements on the exchange of information and the rules and regulations for data collection (CRS - Common Reporting Standard). The basis of the CRS is the intergovernmental contract model developed in the USA (Model 1 US-IGA) for the implementation of the Foreign Account Tax Compliance Act (FATCA). In parallel, the EU has amended the Mutual Assistance Directive to introduce an EU uniform procedure based on the OECD CRS for tax data exchange and replace the EU Savings Directive.

Currently, 83 countries and territories have declared their participation; the list (PDF, 0.1 MB) is always getting longer (as of June 2016). They mainly want to exchange information from 2017 onwards. Thus, the national financial institutions must collect this data from 2016 onwards. With the Financial Account Information Exchange Act (FKAustG) of 21/12/2015, Germany has adopted the exchange of account data with the participating states into national law. From 2016 onwards, tax residency is determined for new customers; transition periods apply for existing customers. The first transmission of the account data according to CRS by the German financial institutions takes place by 7/2017.

The operational impact for financial institutions is high and will strongly influence the profitability of individual business areas. We have developed a service package for our clients that provides full support in the implementation of the targets.

Our Approach

Mit einer Betroffenheitsanalyse bestimmt KPMG die individuellen Handlungsfelder und den Handlungsbedarf. Danach erfolgt die Implementierung auf Basis der Analyseergebnisse. Hierbei bestehen Interdependenzen zum Einbehalt der Kapitalertragsteuer, den Know-Your-Customer-Regeln und der FATCA-Umsetzung. Die Implementierung durch ein bereichsübergreifendes Team umfasst die steuerliche Fachkonzeption, das Prozessdesign, die Governancestruktur sowie die IT-Implementierung.

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