FATCA: The Foreign Account Tax Compliance Act is a U.S. federal law aimed at preventing tax evasion by U.S. taxpayers holding financial assets outside the United States. It requires foreign financial institutions, such as Trumia, to report information about financial accounts held by U.S. taxpayers or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.
CRS: The Common Reporting Standard is an information standard for the automatic exchange of tax and financial information on a global level, developed by the Organisation for Economic Co-operation and Development (OECD). Under CRS, financial institutions, including Trumia, are required to report information about financial accounts held by non-residents to their respective tax authorities, which then share this information with the tax authorities of the account holders' countries of residence.
Both FATCA and CRS are designed to increase tax transparency and combat tax evasion on an international scale. Trumia complies with both regulations to ensure proper reporting and adherence to global tax laws.
If you have any questions or need further information, please contact us at clientservices@trumia.com.