Paul Radcliffe on the news that the OECD is developing a model competent authority agreement
The news that the Organisation for Economic Co-operation and Development (OECD) is working to develop a draft common reporting standard (CRS) and a model competent authority agreement (‘model CAA’) to enable the multilateral automatic exchange of financial account information should be welcomed by financial institutions and account holders. The OECD is well placed to develop a standardised solution and this is important because without standardisation there is a danger of fragmentation of approach design and implementation with associated cost ramifications for all parties.
The OECD’s work is born out of the FATCA initiative developed by the US and by the subsequent drive arising from the call by the G5 (France Germany Italy Spain...
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Paul Radcliffe on the news that the OECD is developing a model competent authority agreement
The news that the Organisation for Economic Co-operation and Development (OECD) is working to develop a draft common reporting standard (CRS) and a model competent authority agreement (‘model CAA’) to enable the multilateral automatic exchange of financial account information should be welcomed by financial institutions and account holders. The OECD is well placed to develop a standardised solution and this is important because without standardisation there is a danger of fragmentation of approach design and implementation with associated cost ramifications for all parties.
The OECD’s work is born out of the FATCA initiative developed by the US and by the subsequent drive arising from the call by the G5 (France Germany Italy Spain...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes: