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welcome back to our channel in todayamp;#39;s video we will discuss understanding common reporting standard and foreign account tax compliance act in todayamp;#39;s interconnected World tax authorities have implemented measures to combat tax evasion and ensure transparency in financial transactions letamp;#39;s delve into the world of international tax reporting the need for international tax compliance in an era of Global Financial transactions International tax compliance has become essential for governments worldwide to ensure accurate tax collection the common reporting standard the oecd CRS is a global framework aimed at enhancing transparency and combating tax evasion through the automatic exchange of financial account information between tax authorities key elements of CRS CRS involves the collection and exchange of information on Financial accounts held by Foreign residents including bank accounts Investments and insurance policies reporting financial institutions financial
