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Solve Your Problems in Handling CRS and FATCA Documents
 

Date: 17 Oct 2019

Solve Your Problems in Handling CRS and FATCA Documents




To increase tax transparency and combat cross-border tax evasion, and to comply with the development in Anti-Money Laundering legislation, financial institutions in Hong Kong need to regularly update account holders information, identify financial accounts held by tax residents of reportable jurisdictions and adhere to the requirements laid down by the Common Reporting Standard” (CRS) released by the Organisation of Economic Co-operation and Development (OECD),or the Foreign Account Tax Compliance Act (FATCA) introduced by the US government (if US persons), including customer identification and account reporting etc. Hence, in order to comply with the required due diligence procedures, the financial institutions in Hong Kong have introduced various sets of forms for the account holders to complete. Account holders should submit the information on time as non-submission may result in suspension on global transfer services or in the worst case closure of the accounts by the financial institutions.

How we can help?

We can assist you to:
  • determine the appropriate form to submit
     
  • complete self-certification forms under CRS:
    Self-Certification Form - Individual
    Self-Certification Form - Entity
    Self-Certification Form- Controlling Person
     
  • complete IRS W forms under FATCA:

W-9 - Request for Taxpayer Identification Number and Certification
W-8BEN - Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals) 
W-8BEN-E - Certificate of Entities Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities) 

  • complete Business Information Declaration Form issued by the financial institutions
     
  • provide certified true copy of necessary documents
     
As CRS and FATCA are separate regulations with different requirements, even if you have already provided information under FATCA, you may still need to provide additional information for the CRS as these are different regulations.

Should you require our service, please contact Ms. Amie Cheung at amie.cheung@lccpa.com.hk