Valsen Fiduciaries Funds

Common Reporting Standards (CRS)

In recent years, global tax management has become increasingly rigorous. The Organization for Economic Cooperation and Development established the Automatic Exchange of Financial Account Information in addition to the Common Reporting Standards (CRS) in 2014. The CRS has led to increased transparency of multinational enterprises and individuals’ personal information, resulting in tax compliance becoming more significant than ever.

Since the introduction of CRS, financial institutions have been required to review and collect financial account information, identify the tax residency of the holders/controlling person of financial accounts and submit relevant information to the local tax authorities each year. In this regard, each national tax institution can manage information concerning residents’ assets in overseas financial accounts, as a source of information for tax collection and inspection.

At Valsen we help our high net-worth clients to conduct comprehensive analysis on impacts to their personal tax accounts under the new tax environment.

Fund Administration

Our core services are:

  1. Spelling out the effects of CRS for each client, in light of their unique account type, asset class and more.
  2. We also summarize a holistic strategy to help our high net worth clients take advantage of CRS.
  3. Analyzing information and records around income classification, asset situation, identity information, exit and entry records and personal income tax; as well as providing further suggestions on bank forms.
  4. Estimating and managing our client’s personal income tax risk by analyzing the current situation of their personal financial accounts and providing them relevant advice.
  5. Preparing and presenting a comprehensive report for each of our clients.