This blog is primarily intended to provide updates to users of PwC’s Customer & Investor Tax Transparency (“CITT”) Compare Tool. The PwC CITT Compare Tool is an internet based application which provides an overview of information from publicly available sources regarding customer and investor tax transparency regimes including U.S. FATCA, UK FATCA and the OECD Common Reporting Standard. The PwC CITT Compare Tool gives users the ability to compare various legal requirements from individual jurisdictions and to evaluate country-specific requirements. It provides information from over 100 jurisdictions all around the globe. The information is provided from the relevant PwC Network firm for inclusion into the Tool through a centrally coordinated process, potentially resulting in significantly reduced efforts and resources for the organizations which have subscribed.
The PwC CITT Compare Tool delivers in exactly those areas which organizations find most challenging:
With regard to the various sources of information impacting global institutions, the PwC CITT Compare Tool houses active links to relevant primary documentation, including the US regulations, annexes maintained by the OECD, EU Directive and local regulations as well as other guidance. The Tool channels all this information into a common language (English) and format across the jurisdictions. In this way, criteria becomes structured and comparable.
The PwC CITT Compare Tool provides an easy access solution for organizations faced with the complexities of multiply regulatory requirements coming from a variety of jurisdictions. As a web-based application it can be accessed anywhere and anytime when needed.
Our team is dedicated to financial services within PwC. The PwC Customer & Investor Tax Transparency team consists of specialists in regulatory, as well as strategic, organizational and procedural issues. We develop individual and efficient solutions regarding, inter alia, the organizational and operational structure, information technology or sourcing issues.
Our team has gained practical experience in numerous CITT projects covering FATCA, UK FATCA and CRS for client within financial services and others impacted by these broad regulations.
Please contact us should you have any remarks or questions. We look forward to your comments.