17. Does the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) replace existing tax rules that my entity already follows?

FATCA and CRS do not replace the existing US or other countries’ tax regimes. It may, however, add additional requirements and complexity to the existing tax rules you may already follow. Should you need further advice on whether or not you have foreign tax obligations, or on your FATCA and CRS entity classification type, you should contact a professional tax advisor.