There are three major differences between FATCA and CRS:

-FATCA requires a financial institution to find US persons; however, with more than 90 countries currently committed, CRS requires a much broader scope of tax residency. -Under CRS, the definition of a “reporting financial institution” is different. So, even if a Client is not required to report on financial accounts under FATCA, you may be under CRS. -There is currently no de minimis limit under CRS. FATCA, by contrast, only kicks in for individual accounts with balances exceeding $50,000 – companies have different limits.

KPMG Services related to FATCA/CRS implementation:

- Capability assessment of FATCA/CRS implementation; - Regulatory assessment aimed at establishment of necessity for implementation FATCA/CRS requirements; - Solutions regarding delivery of financial statements (including State Revenue Committee of Kazakhstan); - Determination of company status and US IRS forms completion assistance; - Training programs for designated responcible employees and departments; - Assessment of compliance with FATCA/CRS requirements