08/11/2024 – From 4 to 7 November 2024, the People’s Republic of China (hereafter “China”) hosted a four-day comprehensive training on the Common Reporting Standard (CRS) for the Automatic Exchange of Financial Account Information in Tax Matters (AEOI) in Yangzhou.
Global Forum on Transparency and Exchange of Information for Tax Purposes
China hosts comprehensive workshop on the Common Reporting Standard
The event, the fourth in-person training session under the Asia Initiative in 2024, was attended by 98 tax officials from Armenia, Brunei Darussalam, China, India, Indonesia, Japan, Macau (China), Malaysia, Maldives and Thailand. It was co-organised by the State Taxation Administration of China, the National Tax Institute in Yangzhou and the Global Forum Secretariat.
The training aimed to equip Asia Initiative members with a thorough understanding of all aspects of the implementation and use of the standard, from the technical details of the CRS, including its effective implementation, to the effective use of the CRS data received from exchange partners. Officials from China, India, Indonesia and Japan shared their country experiences in using the CRS data in practice.
Through a series of practical examples and various case studies, participants enhanced their knowledge on the nuances and complexities of the CRS rules, and also strengthened their ability to conduct compliance audits to Reporting Financial Institutions to review their due diligence, reporting and record keeping procedures, and also to manage and make effective use of the data obtained under the CRS.
The Asia Initiative is focused on setting tailored solutions to ensure the implementation and use of tax transparency standards across Asia. It was launched in November 2021 to develop a regional dynamic for improved collaboration and as a platform to co-ordinate capacity-building on tax transparency among partners. The Asia Initiative is currently co-chaired by India and Armenia and counts 17 members which endorsed the objectives set out in the Bali Declaration, a call to enhance tax co-operation to sustain domestic resource mobilisation.
The Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the exchange of information on request standard and the standard of automatic exchange of information. These objectives are achieved through a robust monitoring and peer review process. The Global Forum also runs an extensive capacity-building programme to support its members in implementing the standards and help tax authorities make the best use of cross-border information sharing channels.
The Global Forum capacity-building programme is supported by the following development partners:
For more information, please contact gftaxcooperation@oecd.org.
