Jayne Newton considers the OECD’s new common reporting standard
The OECD has unveiled a new single global standard for the automatic exchange of financial account information between tax authorities worldwide. The new standard which commentators are calling the ‘global FATCA’ would require jurisdictions to obtain information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis. The OECD will formally present the standard for endorsement at the G20 meeting on 22/23 February 2014.
What are the key characteristics of the common reporting standard (CRS)?
The OECD sets out the CRS that includes details of the reporting and due diligence rules. In addition the model competent authority agreement (CAA) contains detailed rules on the exchange of information. The standard broadly outlines:
