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  • Global Transparency

Global Transparency – A common reporting standard across the world

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 15 in July 2014 and in October 2014 over 50 jurisdictions confirmed adoption of the CRS by signing a multilateral competent authority agreement. Nearly 60 jurisdictions began to exchange data in September 2017. Others began participation in 2018, and others have not yet set the date to participate.

View our interactive map below to see which jurisdictions are participating, and when they signed up to the CRS.

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The goalposts in international tax reporting are moving rapidly.

With so many countries involved, such a wide range of assets covered and a very broad spectrum of owners and asset controllers to report on, even those already reporting under FATCA will see a step change in their compliance tasks.

All customers (including controllers of certain entities resident overseas) will have to be informed about the new reporting requirements for participating countries, and be asked to provide identifying information. An area of concern may be establishing the country or countries in which a taxpayer is tax resident. In many cases the taxpayer should be able to self-certify. However, in certain cases the situation may be complex.

It is vital that individuals are aware of the potential tax consequences of reporting under the CRS. If the relevant income or gains that will be reported from 2017 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.

Our interactive map shows which jurisdictions began to exchange data at which time, and which jurisdictions are yet to set a date.

Read our guide to Tax Transparency for more information, or contact our specialist UK tax dispute resolution team for more information on global transparency and how it may affect you and your clients.