Commentary

A6.1206 International collaboration

Administration and compliance

A6.1206 International collaboration

A6.1206 International collaboration

For the latest New Developments, see ND.1411, ND.1861, ND.1887, ND.1951, ND.1955, ND.1970.

In February 2014, the OECD published the final text of its Common Reporting Standard (CRS) for automatic exchange of information (AEOI) between tax authorities worldwide. The new standard, which commentators are calling the 'Global FATCA', requires jurisdictions to obtain information from their financial institutions and to exchange that information automatically with other jurisdictions on an annual basis1. In October 2014, it was announced that 51 governments, including the UK, had committed to implementing automatic exchange of information by the beginning of 2017. This forms part of the new OECD/G20 standards and was endorsed by all OECD and G20 countries as well as major financial centres, at the annual meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes2. By June 2015, this number had increased to 943.

In May 2017, as part of its ongoing efforts to maintain the integrity of the CRS, the OECD launched a public disclosure facility for information on schemes designed to circumvent the application of the Common Reporting Standard4. This facility is part of a wider process the OECD has put in place to deal with schemes that purport to avoid reporting under the CRS.

The OECD Global Forum Secretariat has produced a Confidentiality and Information Security Management toolkit to assist in the implementation of the AEOI Standard. The toolkit is designed to ensure more developing countries can benefit from AEOI. It provides detailed guidance on implementing the building

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