Standard for automatic exchange of financial account information in tax matters

Resource Information

The work Standard for automatic exchange of financial account information in tax matters represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Books.

Label

Standard for automatic exchange of financial account information in tax matters

Creator

• OECD

Subject

• Common Reporting Standard
• MAP
• OECD
• automatic exchange of information
• due diligence

Language

eng

Summary

G20 Leaders at their meeting in September 2013 fully endorsed the OECD proposal for a truly global model for automatic exchange of information and invited the OECD, working with G20 countries, to develop such a new single standard for automatic exchange of information, including the technical modalities, to better fight tax evasion and ensure tax compliance. The Common Reporting Standard, developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions. Part I gives an overview of the Standard. Part II contains the text of the Model Competent Authority Agreement (Model CAA) and the Common Reporting and Due Diligence Standard (CRS). Part III contains the Commentaries on the Model CAA and the CRS as well as a number of Annexes

Geographic coverage

International

Index

no index present

Language note

English

Literary form

non fiction