Automatic exchange of information for tax purposes requires the standardisation of technical reporting formats so that information can be captured, exchanged and processed quickly and efficiently in a cost-effective manner. In addition, secure and compatible methods of transmission and encryption of the data must be in place.
Over the past 20 years the OECD has designed and updated standards for Automatic Exchange of the income types found in the OECD Model Tax Convention.
On 21 July 2014, the OECD released the new Standard for Automatic Exchange of Financial Account Information in Tax Matters. see http://www.oecd.org/ctp/exchange-of-tax-information/automaticexchange.htm
This new standard will start to be used by 2017.
At present countries are using
User Guides assist in the implementation of those standards. As the SMF continued to be used bridging programs between the two standards were also available and regularly updated. They are designed to enable countries able to work only with SMF to transform information they receive in STF into SMF files and vice versa.
Nb : The SMF is now in the process of being phased outSince 1 January 2012, countries have been using the STF 2.1 and bridging programme version 1.0 for new exchanges. STF 2.1 (used for exchange as of 1 January 2012)
As of 1 April 2015, countries should use the new version of STF;
This bridge will be the last one to be provided by the OECD since the SMF is in the process of being phased out. The changes which were included in STF 2.2 consist in additional ISO country and currency codes.
STF 2.2 and bridge version 1.3 have been tested but further testing before 1st April 2015 is welcome and feedback should be provided to CTP.AEOI@oecd.org.
Any questions on the standard formats should be sent to: CTP.AEOI@oecd.org