UK and International Tax news
OECD’s New Web Portal On Automatic Exchange Of Information
Monday 9th November 2015
The OECD has recently launched its new portal on Automatic Exchange of Information which provides a comprehensive overview of the work of the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes in the area of the automatic exchange of information.
The Standard for Automatic Exchange of Financial Account Information in Tax Matters, also referred to as the Common Reporting Standard [CRS], calls on governments to obtain detailed account information from their financial institutions, 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 and exchange that information automatically with other jurisdictions on an annual basis.
Over 90 countries and jurisdictions have already publicly committed to implementation, while more than 50 have committed to a specific and ambitious timetable leading to the first automatic information exchanges in 2017.
The new site equips tax administrations and financial institutions with the necessary information and legal, administrative and IT tools to implement this new Standard.
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.
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