Taking into account the risk assessment and the nature of each issue raised, the OECD will determine the most appropriate approach to address a perceived or actual gap. The CRS was designed with a broad scope with respect to reportable financial information, reportable account holders, and reporting financial institutions to limit taxpayers` opportunities to circumvent reporting. In addition, as part of their effective implementation of the standard, jurisdictions should introduce anti-abuse rules to prevent practices aimed at circumventing reporting and due diligence procedures. The second edition extends the last part of the CRS-XML Schema User Guide. It includes additional technical guidance on managing corrections and rollbacks in the CRS-XML schema, as well as a revised and expanded set of correction examples. The other parts remain unchanged from the first edition in 2014. The standard consists of the following four main parts: The OECD has established reliable information channels (including representatives of governments, business associations, financial institutions, civil society organisations and whistleblowers) to continuously collect and improve information on real and perceived vulnerabilities discussed in the market. The Common Reporting Standard (CRS), developed in response to the G20 request and endorsed by the OECD Council on 15 July 2014, requires jurisdictions to obtain information from their financial institutions and automatically share it with other countries on an annual basis. It specifies the information on the financial accounts to be exchanged, the reporting financial institutions, the different types of accounts and taxpayers covered, and the common due diligence procedures to be followed by financial institutions. Interested persons who have identified possible gaps in the CRS can report them to the OECD on the AEOI portal. All this information is collected and discussed in the relevant OECD committees. List of unreported low-risk financial instruments and excluded accounts Any actual or perceived deficiencies brought to our attention are systematically analyzed to assess the risk they pose to the overall integrity and effectiveness of CRS.
The problems presented as loopholes in the market differ in nature and can be: Discover the international situation through an interactive map that includes key indicators and the results of the OECD`s work on international tax issues with nearly 150 countries and jurisdictions: appropriate measures for each deviation are agreed in the relevant OECD committee. The standard draws heavily on previous OECD work on automatic exchange of information. It takes into account progress within the European Union as well as global anti-money laundering standards, with the intergovernmental implementation of FATCA (Foreign Account Tax Compliance Act) acting as a catalyst for the transition to automatic exchange of information in a multilateral context. This section gives you a legal overview of the steps and decisions taken by the courts in the implementation of the standard. The following overview table shows the current status of implementation of all jurisdictions involved in a single table. If you would like more detailed information on the current status of implementation of the standard in a particular jurisdiction, you can access the country-specific legislation by clicking on the green tick for that jurisdiction. To support the automatic exchange of information collected under the OECD Model Mandatory Disclosure Rules on Common Reporting Standard (CRS) Avoidance Agreements, and Opaque Offshore Structures (MDRs), the OECD has created the international legal and operational framework for trade in MDRs. Comments on the Common Reporting Standard (CRS) The following application allows you to view the CRS text and comments on a single screen. If you click on a specific section of the CRS in the table of contents, you will be automatically redirected to the relevant part of the CRS and the corresponding comments.
As such, this app allows you to read some of the CRS and relevant comments alongside it, which will hopefully be a useful tool for viewing the standard. Published on 27. March 2017Also available in: German, Spanish, French Country information published on the OECD AEOI portal does not necessarily reflect the views of the OECD. Although the AEOI portal is operated by the OECD, each jurisdiction is responsible for its own country-specific content and links to its own pages. The information in this section is (i) only general and is not intended to address the specific circumstances of any particular natural or legal person, (ii) is not necessarily complete, complete, accurate or up-to-date, (iii) sometimes linked to external websites over which the OECD has no control and for which the OECD assumes no responsibility, and (iv) do not provide professional or legal advice. If you need specific advice, you should always consult a specialist. In addition, as part of its work to preserve the integrity of the CRS, the OECD has analysed more than 100 residency and citizenship (CBI/RBI) programmes, also known as golden passports or visas, offered by countries engaged in the CRS and has identified systems that may pose a high risk to the integrity of the CRS. International tax co-operation: key indicators and results In addition, the OECD is considering the need for necessary changes to the standard and/or comments. For each section of the CRS and the Model Competent Authority Agreements, a detailed commentary has been developed to illustrate or interpret its provisions and to ensure uniform application across jurisdictions in order to avoid unnecessary cost and complexity for financial institutions, particularly those operating in more than one jurisdiction. In order to further safeguard the integrity of the CRS, it is now possible to exchange information on potential CRS prevention systems, including anonymously. This disclosure mechanism is part of a broader structured process established by the OECD to address systems that aim to avoid reporting under the CRS, which is based on the following three pillars: .