The Tax Times: OECD Guidance for CRS Automatic Exchange in Tax Matters

Tuesday, May 23, 2017

OECD Guidance for CRS Automatic Exchange in Tax Matters

On May 23, 2017 we posted May 31st Is Deadline For CRS Reporting where we discussed that two weeks before the first OECD Common Reporting Standard (CRS) reporting deadline of May 31, there are 47 Reportable Jurisdictions for the 2017 reporting year, in respect of 2016 reportable accounts.
On April 6, 2017 the OECD released on new guidance for Automatic Exchange of Financial Account Information in Tax Matters. To further support the consistent implementation of the Common Reporting Standard (CRS), the OECD released:

a series of additional CRS-related Frequently Asked Questions; and
the second edition of the Standard for Automatic Exchange of Financial Account Information in Tax Matters (also available in French and Spanish), which expands the last part on the CRS XML Schema User Guide. It also sets out additional technical guidance on the handling of corrections and cancellations within the CRS XML Schema, as well as a revised and expanded set of correction examples. The other parts remain unchanged relative to the first edition that was issued in 2014.

For further information on the Standard for Automatic Exchange of Financial Account Information in Tax Matters, please visit: www.oecd.org/tax/automatic-exchange/common-reporting-standard.

Still Have Undeclared Income from Offshore Banks or

Companies Located in One of These Reportable Jurisdictions?