In February 2014, the OECD adopted the Standard for Automatic Exchange of Financial Account Information in Tax Matters, also referred to as the Common Reporting Standard (CRS). The Standard calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. Since its adoption, the CRS has been widely implemented worldwide, enabling jurisdictions and financial institutions to enhance tax compliance and foster international tax co-operation.
Further to a comprehensive review of the CRS, the OECD adopted a set of amendments in August 2022. As a result, the scope of the CRS has been expanded to include specific electronic money products and central bank digital currencies. Further revisions have been made to ensure that indirect investments in crypto-assets, through derivatives and investment vehicles, are now subject to the CRS. In addition, amendments have been made to strengthen the due diligence and reporting requirements and to provide a carve out for genuine non-profit organisations. This report contains an unofficial consolidated text of the CRS, incorporating the amendments made, resulting from the comprehensive review of the Standard.
