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CRS Newsletter

Transparency to an evolving landscape

​On January 1, 2016, the Common Reporting Standard (CRS) regime came into effect in several jurisdictions. Similar to FATCA, the CRS regime will differ among the implementing jurisdictions, and change with constant developments. In an attempt to provide transparency to this evolving landscape, a summary of updates is distributed via a monthly CRS newsletter. The monthly newsletter contains key updates on CRS signatories, regulations, guidance, and other related news.

CRS updates: September 2018

An overview of key updates on CRS signatories, regulations, guidance, and other related news from the respective country competent authority websites.

OECD Update
The OECD updated its Tax Identification Numbers (TINs) page to include (1) Indonesia’s updated TINs and Tax residency information; and (2) Kuwait’s updated TINs and Tax residency information (September 28, 2018).

In addition, the OECD updated the list of jurisdictions participating in the Mutual Administrative Assistance in Tax Matters (MCAA) to include that (1) Kuwait deposited the instrument of ratification on August 17, 2018; and (2) Kuwait’s Convention will enter into force on December 1, 2018 (September 24, 2018).

The OECD also published a new brochure outlining its work on taxation. This brochure highlights the 2018-2019 key areas of work of the OECD’s Center for Tax Policy and Administration and the various groups that it serves.

Country Updates

  • Cayman Islands
  • Mexico
  • Finland
  • Netherlands
  • Germany
  • Qatar
  • Hong Kong
  • Russia
  • Ireland
  • Saint Vincent and Grenadines
  • Lebanon
  • Taiwan

 


Download the full newsletter to read details about each country's update from the country competent authority websites.

Archived newsletter editions

  • July 2018: OECD Updates: The OECD published a new set of bilateral exchange relationships established under the Multilateral Competent Authority Agreement (CRS MCAA) to facilitate new members in exchanging CRS information from September 2018 (July 5, 2018). The Global Forum on Transparency and Exchange of Information for Tax Purposes published seven peer review reports assessing compliance with the international standard on tax transparency and exchange of information on request (EOIR). The OECD’s Secretary General published a report to G20 finance ministers and central bank governors on the activities and achievements of the OECD’s tax agenda, which includes a summary on the progress made in the implementation of tax transparency standards as well as the proposed recommendations by the OECD to strengthen their criteria with regards to jurisdictions’ compliance with tax transparency standards (July 24, 2018). In addition, Antigua and Barbuda signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters becoming the 125th jurisdiction to join the Convention (July 27, 2018). Lastly, Kazakhstan formally expressed its intention to commence the automatic exchange of financial account information starting September 2020. Country Updates: Australia, Bahamas, Bahrain, Barbados, Belgium, Canada, Cayman Islands, Costa Rica, France, Germany, Hong Kong, Indonesia, Ireland, Israel, Liechtenstein, Luxembourg, Macedonia (the former Yugoslav Republic of), Malaysia, Mauritius, Netherlands, Pakistan, Qatar, Russia, Seychelles, Taiwan, Thailand, United Kingdom, and Uruguay.
  • June 2018: OECD Updates: The OECD added three new FAQs to its list of CRS FAQs. In summary, the three new FAQs address the following topics: (1) Compartmentalization of Broad Participation Retirement Funds; (2) Account Holders with respect to Cash Value Insurance Contracts; and (3) Income from the investment of the capital of insurance companies (June 20, 2018). The OECD published an updated list of CRS MCAA signatories. Country Updates: Andorra, Australia, Bahamas, Bahrain, Belgium, Chile, China, France, Germany, Ireland, Liberia, Liechtenstein, Luxembourg, Malta, Mauritius, New Zealand, Panama, Qatar, Russia, South Africa, Switzerland, Taiwan, Uruguay, and Vanuatu.
  • May 2018: European Union Updates: The Council of the European Union adopted transparency rules requiring tax intermediaries to disclose certain cross-border arrangements in order to prevent aggressive cross-border tax planning. The directive targets intermediaries such as tax advisors, accountants, and lawyers that design and/or promote tax planning schemes and will require them to report schemes that could potentially constitute aggressive cross-border tax planning (May 25, 2018). Country Updates: Anguilla, Aruba, Australia, Belgium, Bermuda, Bulgaria, Cayman Islands, Chile, China, Cook Islands, Costa Rica, Finland, France, Germany, Greece, Guernsey, India, Isle of Man, Italy, Liechtenstein, Malaysia, New Zealand, Pakistan, Peru, Paraguay, Switzerland, Saint Lucia, Saint Kitts & Nevis, Slovak Republic, South Africa, and United Kingdom.
  • April 2018: The OECD issued a press release highlighting their efforts to ensure that the integrity of the CRS is preserved and any efforts to circumvent it are detected and addressed. It also announced that plans to elaborate actions to address the misuse of CBI/RBI schemes when experts from the OECD and G20 countries will meet in Paris May 2018 (April 19, 2018). Country Updates: Australia, Belgium, Brazil, Costa Rica, Curacao, India, Indonesia, Italy, Jersey, Malaysia, New Zealand, Russia, Singapore, Sweden, Switzerland, and United Kingdom.
  • March 2018: The OECD issued new model disclosure rules that require lawyers, accountants, financial advisors, banks and other service providers to inform tax authorities of any schemes they put in place for their clients to avoid reporting under the OECD/G20 Common Reporting Standard (CRS) or prevent the identification of the beneficial owners of entities or trusts (March 10, 2018). EU Updates: ECOFIN reached an agreement on the Directive proposed by the EU Commission related to mandatory disclosure rules and automatic exchange of information by the tax authorities of EU member states for certain cross-border arrangements. Country Updates: Australia, Belgium, Bermuda, Brazil, Bulgaria, Canada, Cayman Islands, China, Costa Rica, Curacao, Germany, Indonesia, India, Japan, Liechtenstein, Luxembourg, Malaysia, Netherlands, New Zealand, Poland, Portugal, Singapore, Sweden, Switzerland, and United Kingdom.
  • February 2018: The OECD released a consultation document on misuse of residence by investment schemes to circumvent the Common Reporting Standard (February 19, 2018). Following countries had updates: Andorra, Australia, Bahamas, British Virgin Islands, Brazil, Cayman Islands, Curaçao, Hong Kong, India, Japan, Macau, Malaysia, Monaco, Russia, Singapore, and United Kingdom.
  • January 2018: The OECD published comments received by interested parties with respect to the proposed draft rules on mandatory disclosure rules (January 18, 2018). The OECD also published an updated version of their CRS-related FAQs. (December 2017). Following countries had updates: Brazil, Finland, France, Hong Kong, Ireland, Isle of Man, Japan, Malaysia, Malta, Mexico, Monaco, Netherlands, Panama, Portugal, Romania, Singapore, South Korea, Spain, Switzerland, United Kingdom, and Uruguay.
  • December 2017: The OECD published: (1) a press release and; (2) a consultation document (draft rule) seeking comments on new tax rules that would require disclosure of CRS avoidance arrangements and offshore structures (December 11, 2017). In addition, the OECD published an updated version of their CRS-related FAQ. Following countries had updates: Australia, Bahamas, Bermuda, British Virgin Islands, China, Finland, Germany, Guernsey, Hong Kong, Isle of Man, Japan, Mexico, Netherlands, Switzerland, and United Kingdom.
  • November 2017: This newsletter also includes updates on following countries: Australia, Bahamas, Belgium, Brazil, Canada, Cayman Islands, Chile, Costa Rica, France, Gibraltar, Guernsey, Hong Kong, Ireland, Mauritius, Qatar, Russia, Singapore, Switzerland, and Taiwan.
  • October 2017: OECD’s representatives at the SIFMA conference announced that the OECD will be updating its CRS handbook to include, among other items, a more detailed chapter of trusts. This newsletter also includes updates on following countries: Anguilla, Bahamas, Belize, Bermuda, Colombia, Costa Rica, Hong Kong, Ireland, Japan, Jersey, Liechtenstein, Mexico, Monaco, Netherlands, Peru, Russia, Singapore, Switzerland, and Vietnam.
  • August 2017: This newsletter includes updates on following countries: Anguilla, Australia, Belgium, British Virgin Islands, Cayman Islands, Canada, France, Hong Kong, Ireland, Japan, Liechtenstein, Monaco, and Singapore.
  • July 2017: This newsletter includes updates on following countries: Bahamas, Bermuda, Cayman Islands, Chile, Germany, Gibraltar, Hong Kong, Ireland, Italy, Jersey, Luxembourg, Malta, Pakistan, Russia, Seychelles, Singapore, Turkey, and United Arab Emirates.
  • June 2017: This newsletter includes updates on following countries: Australia, Bahamas, Bahrain, Belgium, Bermuda, British Virgin Islands, Cayman Islands, Cyprus, Czech Republic, France, Germany, Guernsey, Hong Kong, India, Ireland, Island of Man, Luxembourg, Macao, Mexico, New Zealand, Singapore, and South Africa.
  • May 2017This newsletter includes updates on following countries: Anguilla, Argentina, Bahrain, Belgium, Cayman Islands, China, Germany, Guernsey, Gibraltar, Hong Kong, Indonesia, Lebanon, Luxembourg, Monaco, Panama, Spain, Trinidad and Tobago, Turkey, and United Kingdom.
  • April 2017: This newsletter references the OECD release of the Second Edition of the Standard for Automatic Exchange of Financial Account Information in Tax Matters and new CRS FAQs and includes updates on following countries: Australia, Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Hong Kong, Indonesia, Liechtenstein, Malta, New Zealand, Pakistan, Singapore, South Africa, Spain, and United Kingdom.
  • March 2017: This newsletter includes country updates from: Bahamas, Belgium, British Virgin Islands, Canada, Cayman Island, Germany, Guernsey, Hong Kong, Italy, Ireland, Japan, Luxembourg, New Zealand, Poland, Sweden, and United Kingdom.
  • February 2017: This newsletter includes country updates from: Bahrain, Cayman Islands, Costa Rica, Denmark, Luxembourg, New Zealand, Singapore, South Korea, Sweden, and Switzerland.
  • January 2017: This newsletter includes an European Union update and country updates from Canada, Cayman Islands, Jersey, Luxembourg, Malaysia, Mexico, Spain, Sweden, Switzerland, and Uruguay.
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