|Abbreviations and acronyms|
Model Competent Authority Agreement and Common Reporting Standard2 chapters available
Commentaries on the Model Competent Authority Agreement and the Common Reporting Standard2 chapters available
Annexes7 chapters available
The Standard draws extensively on earlier work of the OECD in the area of automatic exchange of information. It incorporates progress made within the European Union, as well as global anti-money laundering standards, with the intergovernmental implementation of the Foreign Account Tax Compliance Act (FATCA) having acted as a catalyst for the move towards automatic exchange of information in a multilateral context.
The second edition expands the last part on the CRS XML Schema User Guide. It contains additional technical guidance on the handling of corrections and cancellations within the CRS XML Schema, as well as a revised and expanded set of correction examples. The other parts remain unchanged relative to the first edition issued in 2014.
|In addition to the CRS, the OECD has published the second edition of the CRS Implementation Handbook, which, although not part of the CRS, provides a practical guide to implementing the CRS to both government officials and financial institutions and includes a comparison between the CRS and FATCA.||The OECD also maintains and regularly updates a list of CRS-related Frequently Asked Questions on the application of the Common Reporting Standard (CRS).|
|The OECD has updated its standardised IT-format for providing structured feedback on exchanged Common Reporting Standard information – the CRS Status Message XML Schema – as well as the related User Guide.||The OECD has issued model disclosure rules that require lawyers, accountants, financial advisors, banks and other service providers to inform tax authorities of any schemes they put in place for their clients to avoid reporting under the CRS or prevent the identification of the beneficial owners of entities or trusts.|
|The CRS XML Schema is the IT-based and standardised format for the reporting of information under the CRS. The User Guide explains the information required to be included in each CRS data element to be reported in the CRS XML Schema. The third edition will be in use as from 1 January 2021.||In order to support the automatic exchange of information collected under the OECD's Model Mandatory Disclosure Rules on Common Reporting Standard (CRS) Avoidance Arrangements and Opaque Offshore Structures (MDRs), the OECD has designed the international legal and operational framework for MDR exchanges.|