Tax

The fight against offshore tax evasion continues: CRS disclosure facility delivers first results

 

01/06/2017 - On 5 May, the OECD launched a public disclosure facility for information on schemes designed to circumvent the application of the Common Reporting Standard. Several ‎submissions highlighted the use of so called Occupational Retirement Schemes (ORS) in Hong Kong, China to avoid reporting under the CRS. The Hong Kong authorities have taken swift action, issued relevant guidance on the inland revenue website to clarify that only certain registered ORSs are out of scope of CRS reporting and are assessing whether further action is required in this respect. The OECD is also in close contact with a number of jurisdictions in order to assess whether other schemes that have been disclosed through the facility (including a number of residence by investment programmes) may pose an actual risk for avoiding CRS reporting and therefore need to be addressed.

 

Practitioners, ‎financial advisers, civil society and anyone with knowledge of schemes that purport to circumvent the application of the CRS are strongly encouraged to come forward and make use of this facility. The disclosure facility can be accessed through the Automatic Exchange Portal.

 

Media queries should be directed to Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration (+33 6 26 30 49 23) or Achim Pross, Head of the International Co-operation and Tax Administration Division (+33 6 21 63 27 67).