Common Reporting Standard
In conjunction with the G20, the OECD developed the Common Reporting Standard (CRS) as a global standard for the automatic exchange of information. The OECD Council approved this on in 2014 and, since then, over 100 jurisdictions have confirmed adoption of the CRS by signing a multilateral competent authority agreement.
View our interactive map above to see which jurisdictions are participating, and when they signed up to the CRS. You can also find more information on the latest CRS developments on the OECD’s Automatic Exchange Portal.
It is vital that individuals are aware of the potential tax consequences of reporting under the CRS. If the relevant income or gains that have to be reported have not previously been reported in their country of residence (even for legitimate reasons), they are likely to be investigated by the local tax authorities and could face a large tax bill or worse. No matter which country they live in, putting any tax irregularities right or simply explaining their overseas assets to the tax authorities before the new reporting starts is always likely to be the best option.
Read our guide to Tax Transparency for more information, or contact our specialist tax dispute resolution team for more information on global transparency and how it may affect you and your clients.