Issued guidance on CRS
Adapting to a new global standard
Below are publications providing guidance regarding Common Reporting Standard (CRS).
- CRS developments 2017
- CRS developments 2016
- CRS developments 2015
- CRS developments 2014
- Meet the leaders
CRS developments 2017
April 6, 2017: The OECD published a new version of their CRS-related Frequently Asked Questions and the second edition of the Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI Standard). The AEOI Standard expands on the CRS XML Shema User Guide and includes additional guidance on handling corrections and cancellations within the CRS XML Schema. The CRS-related FAQs have been updated.
January 24, 2017: As announced by the Industry Advisory of December 22, 2016 the draft CRS Guidance Notes have been amended to incorporate the due diligence and reporting requirements modified by The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016 (Second Tranche). Available download lists a summary of key additions and modifications included in the draft CRS Guidance Notes v2.0. The draft document is open for industry comments until January 27, 2017.
CRS developments 2016
December 22, 2016: The Government of the Cayman Islands announced the approval of The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016 (Second Tranche). A revised version of the CRS Guidance Notes will be published in the first quarter of 2017.
November 8, 2016: At a meeting of the Economic and Financial Affairs Council on November 8, 2016, the Council of the European Union (EU) agreed on a proposed directive enabling tax authorities to access information held by anti-money laundering authorities. Specifically, beginning on January 1, 2018, the directive will require member states to allow access to information on the beneficial ownership of companies. This proposal follows the April 2016 release of the Panama Papers as well as the October 2016 Secretary-General Report to G20 Finance Ministers, which discussed updates and proposals to improve the implementation of the international standards on tax transparency, focusing on beneficial ownership standards.
July 23, 2016: Following the G20 Tax Policy Symposium in Chengdu on July 23 and 24, the Organisation for Economic Co-operation and Development (OECD) released its Secretary-General Report to G20 Finance Ministers.
July 15, 2016: The Government of Panama announced (in Spanish) its commitment to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, a comprehensive multilateral instrument for all forms of tax co-operation to tackle tax evasion and avoidance developed jointly by the OECD and the European Council.
July 6, 2016: The Government of Luxembourg published a press release (in French) announcing the adoption of a draft regulation amending the Grand-Ducal Regulation of March 15, 2016 which implements article 2, paragraph 4 of the Law of December 18, 2015 regulating the Common Reporting Standard (CRS) in Luxembourg.
July 5, 2016: The European Commission (EC) released a communication setting out next steps in its campaign to boost tax transparency in order to fight tax evasion and avoidance in the European Union (EU).
June 1, 2016: The Organization for Economic Cooperation and Development (OECD) releases new Common Reporting Standard (CRS) Frequently Asked Questions (FAQs).
May 11, 2016: The OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes announced that Bahrain, Lebanon, Nauru, Panama, and Vanuatu have committed to implement the Common Reporting Standard (CRS), with first exchanges to occur in September 2018.
April 14, 2016: Panama’s Vice President and Ministry of Foreign Affairs has released an official statement affirming the country´s “full and immediate commitment to the implementation of bilateral automatic exchange of information consistent with the goals of the Common Reporting Standards.”
April 12, 2016: Cayman Islands Tax Information Authority (TIA) issues Common Reporting Standard (CRS) Guidance Notes and updated Entity Self-Certification Form.
CRS developments 2015
December 14, 2015: The OECD released an announcement responding to a request by the EU to include additional fields in the CRS XML Schema. In this announcement, the OECD stated that they agreed to adopt future changes to the CRS XML Schema which aim to address the concerns of all stakeholders involved while seeking to ensure that one single global standard is maintained going forward.
December 8, 2015: The Cayman Islands DITC published an industry advisory updating industry members on recent and future CRS publications released as part of the ongoing CRS implementation effort in the Cayman Islands.
November 13, 2015: The OECD released an updated version of their CRS-related FAQs which includes a number of new FAQs. Several of these FAQs require reference to the Commentaries on CRS.
October 31, 2015: The European Commission published a resolution which included lists of the Excluded Accounts and Non-Reporting Financial Institutions (Non-Reporting FIs) under the Common Reporting Standard (CRS). CRS allows for expansion of its definitions of Excluded Accounts and Non-Reporting FIs using domestic law in certain circumstances.
October 30, 2015: The Organization for Economic Cooperation and Development (OECD) released an update on the Global Forum’s efforts toward tax transparency in the international community. At the conclusion of the eighth meeting held by the Global Forum, 13 new countries signed Multilateral Competent Authority Agreements (MCAAs), increasing the Common Reporting Standard (CRS) participating jurisdictions to 74 signatories, with 22 additional committed jurisdictions.
October 30, 2015: Organization for Economic Cooperation and Development (OECD) releases updated list of Common Reporting Standard (CRS) jurisdictional commitments.
October 13, 2015: The Organization for Economic Cooperation and Development (OECD) launched the AEOI Portal, a webpage intended to provide a comprehensive overview of the OECD’s progress in implementing the Common Reporting Standard (CRS). The portal content includes a historical timeline and background on information exchange, guidance and materials, details on the international framework for CRS exchange relationships, information on and assistance with implementation, and an explanation on the commitment and monitoring process.
October 12, 2015: Hong Kong Inland Revenue Department releases consolidated response to Automatic Exchange of Information (AEOI) industry consultation.
September 14, 2015: Her Majesty’s Revenue and Customs (HMRC) releases draft Automatic Exchange of Financial Account Information Guidance Notes (draft Guidance).
August 7, 2015: The OECD publishes three new reports to assist with global CRS implementation.
August 3, 2015: The OECD Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) publishes 12 new peer review reports and releases compliance ratings.
CRS developments 2014
October 29, 2014: The Organization for Economic Co-operation and Development (OECD) distributed a press release announcing the endorsement by all OECD and G20 countries as well as major financial centers participating in the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) of the standard on automatic exchange of information (AEOI).
July 21, 2014: First edition of the Standard for Automatic Exchange of Financial Account Information in Tax Matters.
February 13, 2014: OECD releases model of competent authority agreement and Common Reporting Standard model.