Standard for Automatic Exchange of Financial Account Information in Tax Matters
Published on July 21, 2014
Also available in: French
The Standard for Automatic Exchange of Financial Account Information, developed by the OECD with G20 countries, represents the international consensus on automatic exchange of financial account information for tax purposes, on a reciprocal basis. Over 60 jurisdictions have committed to implementing the Standard and all financial centres have been called to match those commitments, as of July 2014.
This publication is the first edition of the full version of the Standard for Automatic Exchange of Financial Account Information. It contains the text of the Model Competent Authority Agreement and the Common Reporting Standard, and the Commentaries thereon, as they read on 15 July 2014. It also includes multilateral and nonreciprocal versions of the Model Competent Authority Agreement, the technical modalities and a wider approach to the Common Reporting Standard.
TABLE OF CONTENTS
|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
G20 Leaders at their meeting in September 2013 fully endorsed the OECD proposal for a truly global model for automatic exchange of information and invited the OECD, working with G20 countries, to develop such a new single standard for automatic exchange of information, including the technical modalities, to better fight tax evasion and ensure tax compliance.
The Standard, 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.
- Part I gives an overview of the Standard.
- Part II contains the text of the Model Competent Authority Agreement (Model CAA) and the Common Reporting and Due Diligence Standard (CRS).
- Part III contains the Commentaries on the Model CAA and the CRS as well as a number of Annexes.
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.
|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 published 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
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