Common reporting standards: Expanding the landscape of financial information reporting

The Philippine and US governments are expected to soon sign the Inter-Government Agreement (IGA) which will provide guidance on how financial accounts of US persons should be reported to the US Internal Revenue Service (IRS) to comply with the Foreign Account Tax Compliance Act (FATCA). As Philippine financial institutions (FIs) await the signing and issuance of the IGA, they also need to prepare for the impact of the Common Reporting Standards or the CRS.