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Standard for Automatic Exchange of Financial Account Information in Tax Matters, Second Edition

Published on March 27, 2017

Also available in: Spanish, French

book

The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.

This publication contains the following four parts: A model Competent Authority Agreement (CAA) for the automatic exchange of CRS information; the Common Reporting Standard; the Commentaries on the CAA and the CRS; and the CRS XML Schema User Guide.

This 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.

TABLE OF CONTENTS

Introduction
Model Competent Authority Agreement and Common Reporting Standard2 chapters available
Model Competent Authority Agreement
Common Reporting Standard
Commentaries on the Model Competent Authority Agreement and the Common Reporting Standard2 chapters available
Commentaries on the Model Competent Authority Agreement
Commentaries on the Common Reporting Standard
Annexes7 chapters available
Multilateral Model Competent Authority Agreement
Nonreciprocal Model Competent Authority Agreement
Common Reporting Standard User Guide
Example Questionnaire
Wider Approach to the Common Reporting Standard
Declaration on Automatic Exchange of Information in Tax Matters
Recommendation of the Council on the Standard for Automatic Exchange of Financial Account Information in Tax Matters
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BACKGROUND

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. 

 

PRESS RELEASE

 

FURTHER GUIDANCE

Standard for Automatic Exchange of Financial Account Information in Tax Matters: Implementation Handbook
  In addition to the CRS, the OECD has published 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.
Common Reporting Standard Status Message XML Schema: User Guide for Tax Administrations   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.
Résultat de recherche d'images pour   The OECD also maintains and regularly updates a list of CRS-related Frequently Asked Questions on the application of the Common Reporting Standard (CRS). 

 

Contact

For more information, please contact Pascal Saint-Amans, Director and Achim Pross, Head of International Co-operation and Tax Administration, from the Centre for Tax Policy and Administration.

 

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