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OECD Releases New CRS Tax Transparency Standard Handbook

by Ulrika Lomas, Tax-News.com, Brussels

06 April 2018


On April 5 the OECD released a new edition of the Common Reporting Standard (CRS) Implementation Handbook and announced a number of territories have agreed relationships with others to automatically exchange tax information, including Panama.

The Common Reporting Standard is the new standard that replaced exchange of information between countries on request, with an automatic obligation to share information on foreign taxpayers to the state that they are tax resident in, to tackle aggressive tax avoidance, evasion, and fraud.

The Handbook provides practical guidance to assist government officials and financial institutions in the implementation of the CRS and to provide a practical overview of the CRS to both the financial sector and the public at-large.

Changes reflected in this second edition of the Handbook offer further guidance on the features of the legal framework of the CRS, data protection aspects, IT and administrative requirements as well as on measure to ensure compliance with the CRS. It also expands the trust section in relation to the identification of Controlling Persons and includes all frequently asked questions in relation to the CRS that have so far been issued by the OECD.

In total, there are now over 2,700 bilateral relationships for the automatic exchange of offshore financial account information under the CRS in place across the globe.

TAGS: compliance | tax | tax avoidance | offshore | Panama

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