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STATE OF LOUISIANAOFFICE OF FINANCIAL INSTITUTIONS BATON ROUGE. LOUISIANAPOLI EXAMINATIONS OF BROKER.DEALERS AND INVESTMENT ADVISERS I. PURPOSE: To establish guidelines for the examination of broker
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FIFRIL stands for Financial Institutions Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) Information Return and is a form used by financial institutions to report foreign account information to tax authorities.
Financial institutions such as banks, investment funds, and insurance companies are required to file FIFRIL.
FIFRIL can be filled out electronically through the tax authority's online portal or submitted in paper form with the required information.
The purpose of FIFRIL is to combat tax evasion by collecting information on foreign accounts held by taxpayers.
FIFRIL requires reporting on account holders, account balances, interest, dividends, and other income earned on foreign accounts.
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