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.
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.
Discover the international state of play with an interactive map presenting key indicators and outcomes of the OECD work on international tax matters, with close to 150 countries and jurisdictions:
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.
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 also maintains and regularly updates a list of CRS-related Frequently Asked Questions on the application of the Common Reporting Standard (CRS).