CRS & FATCA Advisory and Compliance 

CSB Group is composed of a team of professional specialised in CRS and FATCA Compliance who may provide you with the necessary advice and solutions to curb the compliance overhaul that CRS and FATCA may cause to your business. We may facilitate the due diligence process and conduct the necessary FATCA and CRS reporting on your behalf. 

International Tax – CRS & FATCA Advisory and Compliance 

The automatic exchange of tax information has become paramount in the fight against tax evasion and for the promotion of a fairer and transparent, international tax environment. In this regard, the tax exchange of information amongst member states have been facilitated to the adaptation of two important legislative instruments. The Foreign Account Tax Compliance provisions (commonly known as FATCA) and the Common Reporting Standard (CRS) have been implemented in our Maltese legislation by virtue of SUBSIDIARY LEGISLATION 123.156 EXCHANGE OF INFORMATION (UNITED STATES OF AMERICA) (FATCA) ORDER and SUBSIDIARY LEGISLATION 123.127COOPERATION WITH OTHER JURISDICTION ON TAX MATTERS REGULATIONS, respectively.  

As outlined in the guidelines issued by the Maltese International Tax Unit, the primary scope of these two (2) legislative instruments is to prevent abuse of the voluntary tax compliance system and to address the use of financial accounts as vehicles for foreign tax evasion. In this regard, these instruments identify Maltese Financial Institutions as being in the best position to identify and report information pertaining to its reportable account holders.  

Moreover, the above-mentioned guidelines emphasis that the due diligence procedures to be performed by the reporting Malta financial institutions for the identification of reportable accounts are intended to supplement and not replace due diligence requirements already undertaken for AML/CFT purposes. The rules distinguish between individual accounts and entity accounts, and further distinguish between pre-existing and new accounts. This recognizes the reality that it is more difficult and costly for Malta Financial Institutions to obtain information from pre-existing financial account holders.