Automatic Exchange of Information agreements are made between many countries. These agreements allow the exchange of information between tax authorities of different countries about financial accounts and investments to help stop tax evasion.
Financial institutions, for example, banks, building societies, insurance companies and investment companies, will provide information on non-residents with financial accounts and investments to the tax authorities in each country.
Current AEOI regimes include:
- United States Foreign Account Tax Compliance Act (FATCA)
- Common Reporting Standard (CRS)
- UK Crown Dependencies and Overseas Territories (CDOT)
- EU Directive on Administrative Co-operation
A series of new fields and screens have been added to assist Troika users with the classification and registration requirements for trusts and other structure types, as well as identifying US Persons within Troika. This guide outlines the new fields and screens, and how to maintain and export the data to assist with reporting.