International agreements to assist tax authorities to deter and detect tax evasion have come into force in recent years. Most notable are the U.S. Foreign Accounts Tax Compliance Act (FATCA) regulations—and the intergovernmental agreements struck in many countries (including Canada) to implement the requirements—and the OECD Common Reporting Standard (CRS).
The IIAC provided leadership across the Canadian financial sector on global tax reporting requirements.
– The IIAC, through its U.S. Tax Committee and its various working groups, and its OECD CRS Working Group, advocated cost-effective rules to comply with tax reporting requirements.
– It made the … Continue reading