Muscat: The Capital Market Authority organised a workshop on compliance and Common Reporting Standards (CRS) in collaboration with OPES, Canada on the CMA premises attended by representatives of the companies operating in the field of securities, insurance companies and brokers.
Mohammed Said Al Abri, Vice President for Capital Market opened the workshop and said the workshop aims to identify the challenges of implementation of CRS in the Arab World as per the standards set by the Global Forum for Transparency and Exchange of Information for Tax purposes besides identifying the standards and needed steps from financial institutions in the Sultanate to comply with CRS. He emphasised the importance of compliance with CRS and coping with the new requirements for data collection and reporting by financial institutions to combat tax evasion and protect taxations systems in the Omani market further to acquainting with the laws and regulations regulation this matter as well as the new developments.
The workshop dealt with the similarities and differences between the Foreign Account Tax Compliance Act (FATCA) and CRS.
The workshop discussed the lessons learnt from compliance with CRS and simultaneous exchange of information process and the roles and duties of the concerned entities in such a process. The workshop confirmed the importance of cooperation of all relevant entities with the exchange of tax information for the individuals, institutions, residents and employees to comply with the common reporting and to update the customers’ information in line with the CRS requirements.