Flyingboat News

AEoI Reporting : Low cost micro FI reporting

Feb 8, 2017

Low cost service xml file production service for micro Financial Institutions
GBP 125 / USD 150 / EUR 139 per xml file

The OECD Common Reporting Standard's scope is sufficiently broad to include many commonly used structures used in financial planning, family & estate management and asset management. The value in some of these structures like trusts established for grandparents paying grand children's school fees are such that the burden of reporting under CRS is disproportionate to the value of assets held within these structures.

To ease the reporting burden we are offering a simplified service for those circumstances. To qualify for the simplified reporting service the following rules will apply (dependant on the nature of the Reporting Financial Institution):

  • Number of account holders / beneficiaries : up to 5
  • Payments to account holders / beneficiaries : Gross values not exceeding GBP 100,000 / USD 125,000 / EUR 115,000 or other currency equivalent

And/or

  • Gross Balance Report value not exceeding GBP 750,000 / USD 940,000 / EUR 825,000

For more information or to apply for the service contact our sales team +44 1481 721031 or email us via our contact page.

TAX ADVICE

Meeting the requirements of reporting obligations in your jurisdiction is subject to the applicable laws in the relevant jurisdiction. Fusion Systems Limited dos not provide tax or legal advice in respect of reporting obligations and advice should be sought from suitably qualified professionals.