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: March 2019

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’s Global Forum on Transparency and Exchange of Information for Tax Purposes published seven peer review reports (March 18, 2019). The OECD also published a Beneficial Ownership Toolkit (March 21, 2019). Lastly, the OECD published an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters (March 28, 2019).

The European Commission published a press release announcing the release of an updated EU list of non-cooperative tax jurisdictions (March 12, 2019). The European Commission also released FAQs (March 12, 2019). Lastly, the European Parliament published Resolution 2018/2121(INI) covering a wide range of topics in relation to financial crimes, tax evasion and tax avoidance (March 26, 2019).

Country Updates

  • Aruba
  • Italy
  • Australia
  • Liechtenstein
  • Bahrain
  • Malaysia
  • Brazil
  • Malta
  • British Virgin Islands
  • Mexico
  • Croatia
  • Monaco
  • Czech Republic
  • Russia
  • France
  • Samoa
  • Gibraltar
  • Singapore
  • Hong Kong
  • South Africa
  • Indonesia
  • South Korea
  • Ireland
  • Sweden
  • Isle of Man
  • Switzerland


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

Archived newsletter editions

  • February 2019: OECD Updates: The OECD published updated CRS FAQs. Q22 was revised under Sections II-VII. Q9 was added under Section VIII (A). In addition, Q9 was added under Section VIII(D). Lastly, Q2 was added under Section VIII(E). (February 22, 2019). Country Updates: Aruba, Belize, British Virgin Islands, China, Curacao, Cyprus, Czech Republic, France, Germany, Guernsey, Hong Kong, India, Indonesia, Isle of Man, Israel, Italy, Mauritania, New Zealand, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, South Africa, Taiwan, Uruguay, and Vanuatu.
  • January 2019Country Updates: Andorra, Australia, Bermuda, Brazil, Canada, Costa Rica, Croatia, Finland, Germany, Hungary, India, Israel, Japan, Liechtenstein, Lithuania, Malaysia, Saint Vincent and the Grenadines, Slovenia, Switzerland, Taiwan, and United Kingdom.
  • December 2018OECD Updates: The OECD issued a press release announcing that the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) will conduct peer reviews of the effectiveness of the implementation of the Automatic Exchange of Information (AEOI) Standard by participating jurisdictions starting in 2020. The Global Forum has adopted a Terms of Reference to use in the peer reviews of the implementation of the AEOI Standard. Released a 2018 version of its implementation report on the AEOI. Country Updates: Andorra, Australia, Brazil, Czech Republic, Denmark, Finland, Guernsey, Japan, Liechtenstein, Malta, Monaco, Netherlands, Russia, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, and Taiwan.
  • November 2018: OECD Updates: The OECD published an updated version of the AEOI status of commitments, which summarizes the intended implementation timelines of the new standard. In addition, the OECD published a press release announcing that the Global Forum on Tax Transparency held its annual meeting on November 20-22 and also published a press release on Panama’s RBI/CBI schemes. Country Updates: Brazil, Bermuda, Canada, France, Germany, Hong Kong, Hungary, India, Israel, Liechtenstein, Monaco, Netherlands, Peru, Slovak Republic, Switzerland, Singapore, Taiwan, and Thailand.
  • October 2018: OECD Updates:
    • The OECD issued a press release announcing the publication of the results of its analysis of over 100 Residence and citizenship/residence by investment (CBI/RBI) schemes in CRS jurisdictions.
    • Issued follow up clarifications on the RBI/CBI schemes to clarify that since the release of the guidance, Monaco has provided additional information with respect to its residence and migration requirements.
    • Published (1) FAQs to assist Financial Institutions in identifying and preventing cases of CRS avoidance through the use of these CBI/RBI schemes; and (2) further clarification on RBI/CBI schemes.

Country Updates: Australia, Andorra, Bahamas, British Virgin Islands, Gibraltar, Hong Kong, Ireland, Luxembourg, Malta, Netherlands, Panama, Portugal, Russia, Saint Vincent and Grenadines, Singapore, Switzerland, and Uruguay.

  • September 2018: OECD Updates: The OECD updated its Tax Identification Numbers (TINs) page; the list of jurisdictions participating in the Mutual Administrative Assistance in Tax Matters (MCAA); and published a new brochure outlining its work on taxation. Country Updates: Cayman Islands, Finland, Germany, Hong Kong, Ireland, Lebanon, Mexico, Netherlands, Qatar, Russia, Saint Vincent and Grenadines, and Taiwan.
  • 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.

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